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 $24,800 6,200 4,100 60,000 $ 4,200 75,000 15,900 $ 95, 100 $95,100 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,000 ($750/month). January 9 Purchase additional supplies on account, $4,500. January 13 Provide services to customers on account, $26,500. January 17 Receive cash in advance from customers for services to be provided in the future, $4,700. January 20 Pay cash for salaries, $12,500. January 22 Receive cash on accounts receivable, $25,100. January 29 Pay cash on accounts payable, $5,000. The following information is available on January 31 31. Rent for the month of January has expired. Supplies remaining at the end of January total $3,800. . By the end of January, $3,950 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,100. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the "General Ledger and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8-11). 3. Review the adjusted 'Trial Balance' as of January 31, 2021. 4. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13), 7. Using the information from the requirements above, complete the 'Analysis' tab. General Journal > Account Title 1 Jan 02 Dabit 9,000 Propold Rant Cash 9,000 2 Jan 09 4,500 Supplies Accounts Payable 500 / / / 3 Jan 13 Accounts Receivable Service Revenue 26,500 / / 26,500 / / / / / Jan 17 Cash Deferred Revenue / / / / Jan 20 Salaries Expense 12,500 Cash 12.500 Jan 22 25,100 Cash Accounts Receivable 25,100 Jan 29 5,000 Accounts Payable Cash 5.000 Jan 31 750 Rent Expense Prepaid Rent Jan 31 4,800 Supplies Expense Supplies 4.800 Jan 31 3,950 Deferred Revenue Service Revenue Jan 31 5.100 Salaries Expense Salaries Payable 5,100 Jan 31 30.450 Service Revenue Retained Earnings 30.450 Jan 31 17,600 Retained Earnings Salaries Expense Rent Expense Supplies Expense Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadju appear for each account, based on your selection. r post-closing balances will Post-closing Dates: Jan 01 to: Jan 31 General Ledger Account Unadjusted Adjusted Post-closing Cash Debit Accounts Receivable Debit Credit Credit Balance 6.200 Date Jan 01 Jan 13 Jan 22 9,000 26,500 4.700 Balance 24.800 15,800 20.500 8,000 33,100 28,100 25,100 Jan 01 Jan 02 Jan 17 Jan 20 Jan 22 Jan 29 7,600 12.500l 25,100 5,000 Supplies Debit Prepaid Rent Debit Date Credit NO. Credit Balance Balance 4,100 8.600 Date Jan 01 Jan 01 4,500 Jan 02 9,000 1 9,000 8.250 4.800 3.800 Jan 31 750 Land Accounts Payable Debit Credit Date Debit Credit Date Balance 60,000 Balance 4.200 Jan 01 4.500 Jan 09 Jan 29 8.700 3.700 5.000 Salaries Payable Debit Credit Deferred Revenue Debit Credit Balance No. Balance Date Jan 01 Jan 31 Date Jan 01 5,100 5,100 Jan 17 4,700 Jan 31 3.950 Common Stock Debit Credit Retained Earnings Debit Credit Date Balance Balance 75,000 Jan 01 Date Jan 01 Jan 31 Jan 31 30.450 15.900 46,350 23,200 13 23,150 Service Revenue Debit Credit Supplies Expense Debit Credit Date Balance NO. Balance Date Jan 01 Jan 01 Jan 13 26,500 26,500 - 9 Jan 31 4,800 4.HOO 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. Post-closing Dynamite Fireworks Trial Balance January 31, 2021 Account Title Credit Debit 28.100 Unadjusted Adjusted Post-closing -Cash - Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Total 7,600 3,800 8,250 50,000 3,700 5,100 750 75,000 23,200 107.750 107,750 $ Requirement General Journal General Ledger 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 on your selection Post-closing Dynamite Fireworks Income Statement For the year ended January 31, 2021 Revenues Total Revenue Expenses Total Expenses 0 SO Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 Unadjusted Adjusted Post-closing Current Assets Dynamite Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets 0 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 (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? Account Title 1 Jan 02 Dabit 9,000 Propold Rant Cash 9,000 2 Jan 09 4,500 Supplies Accounts Payable 500 / / / 3 Jan 13 Accounts Receivable Service Revenue 26,500 / / 26,500 / / / / / Jan 17 Cash Deferred Revenue / / / / Jan 20 Salaries Expense 12,500 Cash 12.500 Jan 22 25,100 Cash Accounts Receivable 25,100 Jan 29 5,000 Accounts Payable Cash 5.000 Jan 31 750 Rent Expense Prepaid Rent Jan 31 4,800 Supplies Expense Supplies 4.800 Jan 31 3,950 Deferred Revenue Service Revenue Jan 31 5.100 Salaries Expense Salaries Payable 5,100 Jan 31 30.450 Service Revenue Retained Earnings 30.450 Jan 31 17,600 Retained Earnings Salaries Expense Rent Expense Supplies Expense Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadju appear for each account, based on your selection. r post-closing balances will Post-closing Dates: Jan 01 to: Jan 31 General Ledger Account Unadjusted Adjusted Post-closing Cash Debit Accounts Receivable Debit Credit Credit Balance 6.200 Date Jan 01 Jan 13 Jan 22 9,000 26,500 4.700 Balance 24.800 15,800 20.500 8,000 33,100 28,100 25,100 Jan 01 Jan 02 Jan 17 Jan 20 Jan 22 Jan 29 7,600 12.500l 25,100 5,000 Supplies Debit Prepaid Rent Debit Date Credit NO. Credit Balance Balance 4,100 8.600 Date Jan 01 Jan 01 4,500 Jan 02 9,000 1 9,000 8.250 4.800 3.800 Jan 31 750 Land Accounts Payable Debit Credit Date Debit Credit Date Balance 60,000 Balance 4.200 Jan 01 4.500 Jan 09 Jan 29 8.700 3.700 5.000 Salaries Payable Debit Credit Deferred Revenue Debit Credit Balance No. Balance Date Jan 01 Jan 31 Date Jan 01 5,100 5,100 Jan 17 4,700 Jan 31 3.950 Common Stock Debit Credit Retained Earnings Debit Credit Date Balance Balance 75,000 Jan 01 Date Jan 01 Jan 31 Jan 31 30.450 15.900 46,350 23,200 13 23,150 Service Revenue Debit Credit Supplies Expense Debit Credit Date Balance NO. Balance Date Jan 01 Jan 01 Jan 13 26,500 26,500 - 9 Jan 31 4,800 4.HOO 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. Post-closing Dynamite Fireworks Trial Balance January 31, 2021 Account Title Credit Debit 28.100 Unadjusted Adjusted Post-closing -Cash - Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Total 7,600 3,800 8,250 50,000 3,700 5,100 750 75,000 23,200 107.750 107,750 $ Requirement General Journal General Ledger 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 on your selection Post-closing Dynamite Fireworks Income Statement For the year ended January 31, 2021 Revenues Total Revenue Expenses Total Expenses 0 SO Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 Unadjusted Adjusted Post-closing Current Assets Dynamite Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Liabilities: Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets 0 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 (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?