On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Debit $24,200 Credit Accounts Receivable Supplies 5,600 3,500 Land 54,000 Accounts Payable $3,600 Common Stock 69,000 Retained Earnings 14,700 Totals $87,300 $87,300 During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,200 ($600/month). January 9. January 13 January 17 January 20 January 22 January 29 Purchase additional supplies on account, $3,900. Provide services to customers on account, $25,900. Receive cash in advance from customers for services to be provided in the future, $4,100. Pay cash for salaries, $11,900. Receive cash on accounts receivable, $24,500. Pay cash on accounts payable, $4,400. The following information is available on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. All other supplies have been used. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. The following information is available on January 31. Rent for the month of January has expired. .Supplies remaining at the end of January total $3,200. All other supplies have been used. . . By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is $ 7,188 15 (b) Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January The ratio of current assets to current liabilities at the end of January is 5.00 (c) Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Does the company appear to be in good or bad financial condition? Good < Balance Sheet Analysis Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Revenues: Service Revenue Total Revenue Expenses: Total Expenses Dynamite Fireworks Income Statement - For the Year Ended January 31, 2024 $ 0 0 $ 0 ok t ences During January 2024, the following transactions occur. January 2 January 9 January 17 Purchase rental space for one year in advance, $7,200 ($600/month). Purchase additional supplies on account, $3,900. Receive cash in advance from customers for services to be provided in the future, $4,100. Pay cash for salaries, $11,900. January 13 Provide services to customers on account, $25,900. Receive cash on accounts receivable, $24,500. January 20 January 22 January 29 Pay cash on accounts payable, $4,400. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,200. All other supplies have been used. By the end of January, $3,500 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,520. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheeti Analysis Using the information from the requirements above, complete the 'Analysis' tab. (a) What is the amount of profit reported for the month of January? Analyze the following features of Dynamite Fireworks' financial condition: The amount of profit reported for the month of January is 7,188) (b) Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January The ratio of current assets to current liabilities at the end of January is 5.00 (c) Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Does the company appear to be in good or bad financial condition? Good Balance Sheet Apalysis. sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Assets. Current Assets: Cash Accounts Receivable Supplies Prepaid Rent 44 Dynamite Fireworks Balance Sheet January 31, 2024 Liabilities Current Liabilities: 29,300 Accounts Payable 3,100 7,000 Salaries Payable 5,520 3,200 6,600 Total Current Liabilities 8,620 5. Total Current Assets 46,100 Total Liabilities 8,620 Long-term Assets: Stockholders' Equity Land 54,000 Common Stock 69,000 Retained Earnings 21,880 0 Total Stockholders' Equity 90,880 Total Assets $ 100,100 Total Liabilities & Stockholders' Equity $ 99,500