80.2K

Verified Solution

Link Copied!

Prepare a classified balance sheet as of January 31,2024 . Choose the appropriate accounts to complete the company's ba sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. GL 2-11 (Algo) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 (\$950 per month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $4,600. c. By the end of January, $4,550 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,540. 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 (the current ratio) 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. Prepare an income statement for the period ended January 31,2024 . 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. Prepare a classified balance sheet as of January 31,2024 . Choose the appropriate accounts to complete the company's ba sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. GL 2-11 (Algo) Complete the accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 (\$950 per month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. The following information is available on January 31. a. Rent for the month of January has expired. b. Supplies remaining at the end of January total $4,600. c. By the end of January, $4,550 of services has been provided to customers who paid in advance on January 17. d. Unpaid salaries at the end of January are $4,540. 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 (the current ratio) 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. Prepare an income statement for the period ended January 31,2024 . 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

Answer & Explanation Solved by verified expert

See Answer