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please help resolve these On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies
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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $23,900 5,300 3,200 51,000 $ 3,300 66,000 14,100 $83,400 $83,400 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,300 ($525/month). January 9 Purchase additional supplies on account, $3,600. January 13 Provide services to customers on account, $25,600. January 17 Receive cash in advance from customers for services to be provided in the future, $3,000. January 20 Pay cash for salaries, $11,600. January 22 Receive cash on accounts receivable, $24,200. January 29 Pay cash on accounts payable, $4,100. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $2,900. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17 Unpaid salaries at the end of January are $5,730 . . Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Jan 01 to: Jan 29 General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit No. Date Jan 01 Balance 23,900 Date Jan 01 Balance 5,300 Land Supplies No. Debit Credit Credit No. Debit Date Jan 01 Balance 3,200 Date Jan 01 Balance 51,000 Accounts Payable Debit Credit Common Stock Debit Credit No. No. Balance 66,000 Balance 3.300 Date Jan 01 Date Jan 01 Retained Earnings Debit Credit No. Date Jan 01 Balance 14,100 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Dynamite Fireworks Trial Balance January 29, 2021 Account Title Credit Debit 23,900 5,300 3,200 51,000 Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Total 3,300 66,000 14,100 83,400 83,400 5 Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Dynamite Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Liabilities 0 0 Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity 0 0 0 D 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0 Total Assets Analysis General General Income Requirement Journal Trial Balance Balance Sheet Ledger Statement 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 (b) Calculate the ratio of current assets to current liabilities at the end of January The ratio of current assets to current liabilities at the end of January is (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 appears to be in good or bad financial condition? Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an Income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based a selection Adjusted Dynamite Fireworks Income Statement For the year anded January 31, 2021 Revenues: 0 Total Revenue Expenses: 0 Total Expenses $ 0 1 Record the purchase of rental space for one year in advance, $6,300 ($525/month). 2. Record the purchase of additional supplies on account, $3,600. 3 Record the providing of services to customers on account, $25,600. 4 Record the receipt of cash in advance from customers for services to be provided in the future, $3,800. 9 Record the adjusting entry for supplies. Supplies remaining at the end of January total $2,900. 10 Record the adjusting entry for services provided to customers who paid in advance. By the end of January, $3,275 of services has been provided to customers who paid in advance on January 17. 11 Record the adjusting entry for salaries payable. Unpaid salaries at the end of January are $5,730 Step by Step Solution
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