On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…
 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:   Accounts             Debit                     Credit Cash      $              25,300                                                                   Accounts Receivable                      6,700                                                                     Supplies                               4,600                                                                     Land                      65,000                                                                   Accounts Payable                                                                            $              4,700     Common Stock                                                                                 80,000   Retained Earnings                                                                                            16,900   Totals    $              101,600                                 $              101,600 During January 2021, the following transactions occur:   January                                2                              Purchase rental space for one year in advance, $10,500 ($875/month). January                                9                              Purchase additional supplies on account, $5,000. January                                13                           Provide services to customers on account, $27,000. January                                17                           Receive cash in advance from customers for services to be provided in the future, $5,200. January                                20                           Pay cash for salaries, $13,000. January                                22                           Receive cash on accounts receivable, $25,600. January                                29                           Pay cash on accounts payable, $5,500. The following information is available on January 31.   Rent for the month of January has expired. Supplies remaining at the end of January total $4,300. By the end of January, $4,325 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,750. 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.   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           not attempted (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   not attempted (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? 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           not attempted (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   not attempted (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? May 16 2022 03:09 PM

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