Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 24,600 6,000 3,900 58,000 $ 4,000 73,000 15,500 $92,500 $92,500 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $8,400 ($ 700/month). January 9 Purchase additional supplies on account, $4,300. January 13 Provide services to customers on account, $ 26,300. January 17 Receive cash in advance from customers for services to be provided in the future, $4,500. January 20 Pay cash for salaries, $12,300. January 22 Receive cash on accounts receivable, $ 24,900. January 29 Pay cash on accounts payable, $4,800. 7. Analyze the following features of a company financial condition: a. What is the amount of profit reported for the month of January? Income statement Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 24,600 6,000 3,900 58,000 $ 4,000 73,000 15,500 $92,500 $92,500 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $8,400 ($ 700/month). January 9 Purchase additional supplies on account, $4,300. January 13 Provide services to customers on account, $ 26,300. January 17 Receive cash in advance from customers for services to be provided in the future, $4,500. January 20 Pay cash for salaries, $12,300. January 22 Receive cash on accounts receivable, $ 24,900. January 29 Pay cash on accounts payable, $4,800. 7. Analyze the following features of a company financial condition: a. What is the amount of profit reported for the month of January? Income statement