Please help solve the general journal, income statement, balance sheet, and analysis
During January 2024 , the following transactions occur: January 1 Borrow $117,000 from Captive Credit Corporation. The installment note bears interest at 4% annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. January 4 Receive $32,700 from customers on accounts receivable. January 10 Pay cash on accounts payable, $28,000. January 15 Pay cash for salaries, $30,600. January 30 Firework sales for the month total $198,000. The cost of the units sold is $119,000, January 31 Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. The following information is available on January 31,2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $27,200. b. The company estimates additional future uncollectible accounts of $1,476. c. Unpaid salaries at the end of January are $27,800. d. Accrued income taxes at the end of January are $9,700. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of tr reclassification is $21,641. (1) Borrow $117,000 from Captive Credit Corporation. The installment note bears interest at 4% annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. Record the issuance of the long-term note payable. 2 Receive $32,700 from customers on accounts receivable. 3 Pay cash on accounts payable, $28,000. 4 Pay cash for salaries, $30,600. 5 Firework sales for the month total $198,000. Sales include $66,700 for cash and $131,300 on account. Record the sale. 6 Firework sales for the month total $198,000. The cost of the units sold is $119,000. Record the cost of goods sold. 7 Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. 8 Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $27,200. Record the adjusting journal entry for depreciation for the month. 9 The company estimates additional future uncollectible accounts of $1,476. Record the adjusting entry for uncollectible accounts. Note: = journal entry has been entered accounts of $1,476. Record the adjusting entry for uncollectible accounts. 10 Unpaid salaries at the end of January are $27,800. Record the adjusting entry for salaries. 11 Accrued income taxes at the end of January are $9,700. Record the adjusting entry for income tax. 12 Record the reclassification of $21,641 from long-term notes payable to current notes payable. 13 Record the entry to close the revenue accounts. 14 Record the entry to close the expense accounts. Note : = journal entry has been entered Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown will then populate the balances in those accounts from the adjusted trial balance. Analyze the following for Freedom Fireworks: (Round your answer to one decimal place.) Analvze the following for Freedom Fireworks: During January 2024 , the following transactions occur: January 1 Borrow $117,000 from Captive Credit Corporation. The installment note bears interest at 4% annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. January 4 Receive $32,700 from customers on accounts receivable. January 10 Pay cash on accounts payable, $28,000. January 15 Pay cash for salaries, $30,600. January 30 Firework sales for the month total $198,000. The cost of the units sold is $119,000, January 31 Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. The following information is available on January 31,2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $27,200. b. The company estimates additional future uncollectible accounts of $1,476. c. Unpaid salaries at the end of January are $27,800. d. Accrued income taxes at the end of January are $9,700. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of tr reclassification is $21,641. (1) Borrow $117,000 from Captive Credit Corporation. The installment note bears interest at 4% annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. Record the issuance of the long-term note payable. 2 Receive $32,700 from customers on accounts receivable. 3 Pay cash on accounts payable, $28,000. 4 Pay cash for salaries, $30,600. 5 Firework sales for the month total $198,000. Sales include $66,700 for cash and $131,300 on account. Record the sale. 6 Firework sales for the month total $198,000. The cost of the units sold is $119,000. Record the cost of goods sold. 7 Pay the first monthly installment of $2,155 related to the $117,000 borrowed on January 1. 8 Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $27,200. Record the adjusting journal entry for depreciation for the month. 9 The company estimates additional future uncollectible accounts of $1,476. Record the adjusting entry for uncollectible accounts. Note: = journal entry has been entered accounts of $1,476. Record the adjusting entry for uncollectible accounts. 10 Unpaid salaries at the end of January are $27,800. Record the adjusting entry for salaries. 11 Accrued income taxes at the end of January are $9,700. Record the adjusting entry for income tax. 12 Record the reclassification of $21,641 from long-term notes payable to current notes payable. 13 Record the entry to close the revenue accounts. 14 Record the entry to close the expense accounts. Note : = journal entry has been entered Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown will then populate the balances in those accounts from the adjusted trial balance. Analyze the following for Freedom Fireworks: (Round your answer to one decimal place.) Analvze the following for Freedom Fireworks
