Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) 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 $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $ 26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4,200. January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $ 24,600. January 29 Pay cash on accounts payable, $4,500. Exercise 3-21A Part 4 4. Prepare an income statement for the period ended January 31, 2021. DYNAMITE FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Expenses: Total Expenses Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) 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 $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January 13 Provide services to customers on account, $ 26,000. January 17 Receive cash in advance from customers for services to be provided in the future, $4,200. January 20 Pay cash for salaries, $12,000. January 22 Receive cash on accounts receivable, $ 24,600. January 29 Pay cash on accounts payable, $4,500. Exercise 3-21A Part 5 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Liabilities Assets Current assets: Cash Accounts Receivable Supplies Current liabilities: Accounts Payable Total current assets Long-term assets: Land Total current liabilities Stockholder's Equity Common Stock Retained Earnings 55,000 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 55,000