1. Prepare an adjusted trial balance as of January 31, 2021

2. Prepare a multiple-step income statement for the period ended January 31, 2021.

3. Prepare a classified balance sheet as of January 31, 2021.

4. Record closing entries.

5. Analyze the following for ACME Fireworks

a. Calculate the current ratio at the end of January.

b. Calculate the acid-test ratio at the end of January.

c. Assume the notes payable were due on April 1, 2021, rather than April 1, 2022. Calculate the revised current ratio at the end of January.

[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Credit Debit $ 26,600 49.260 $ 5,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 21,560 61.cee 22,50 3,eee 30.ee 65.000 se.ee 27.100 $180,800 $198.800 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $162.600. January 15 Firework sales for the first half of the month total $150,00. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126, 90e from customers on accounts receivable. January 25 Pay $105, ee to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,380. January 30 Firework sales for the second half of the month total $158.ee. Sales include $14.ee for cash and $144, eee on account. The cost of the units sold is $87,eee. January 31 Pay cash for monthly salaries, $53,5ee