11 Part 3 of 3.03 points Required information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,700 Accounts Receivable 43,500 Allowance for Uncollectible Accounts $ 3,100 Inventory 44,000 Land 82,600 Accounts Payable 28,200 Notes Payable (98, due in 3 years) 44.000 Common Stock 70,000 Retained Earnings 49,500 Totals $194,300 $194,800 Skipped The $44.000 beginning balance of inventory consists of 440 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,250 units for $133,750 on account ($107 each). January Purchase 1,350 units for $151,200 on account ($112 each). January 12 Purchase 1,450 units for $169,650 on account ($117 cach). January 15 Return 170 of the units purchased on January 12 because of defects. January 19 Sell 4,200 units on account for $630,000. The cost of the units sold is determined using a TITO perpetual inventory system. January 22 Receive 5617.000 from customers on accounts receivable. January 24 Pay $420,000 to inventory suppliers on accounts payable January 27 Write of accounts receivable as uncollectible, $2,300. January 31 Pay cash for salaries during January, $133,000. The following information is available on January 31, 2021 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for 11 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each b. The company estimates future uncollectible accounts. The company determines $5,400 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest expense on notes payable for January, Interest is expected to be paid each December 31 d. Accrued income taxes at the end of January are $13,700. Part 307 3.03 poin Seped a. At the end of January, the company estimates that the remaining units of inventory are expected to seith February for only $100 b. At the end of January, 55,400 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected of the remaining accounts receivable, the company estimates that 5% will not be collected c. Accrued interest expense on notes poyable for January, Interest is expected to be paid each December 31 d. Accrued income taxes at the end of January are $13,700 3. Prepare an adjusted trial balance as of January 31, 2021. DIO BLAST FIREWORKS Adjustad Trial Balance January 31, 2021 Accounts Debit Credit 11 3. Prepare an adjusted trial balance as of January 31, 2021. Part 3 of 7 BIG BLAST FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit 3.03 points Skipped Totals $ 0 $ 0 Part 4 of 7 4. Prepare a multiple-step income statement for the period ended January 31, 2021. 3.03 points BIG BLAST FIREWORKS Multiple-step Income Statement For the year ended January 31, 2021 0 Total operating expenses Operating income (loss) 11 Part 3 of 3.03 points Required information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,700 Accounts Receivable 43,500 Allowance for Uncollectible Accounts $ 3,100 Inventory 44,000 Land 82,600 Accounts Payable 28,200 Notes Payable (98, due in 3 years) 44.000 Common Stock 70,000 Retained Earnings 49,500 Totals $194,300 $194,800 Skipped The $44.000 beginning balance of inventory consists of 440 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,250 units for $133,750 on account ($107 each). January Purchase 1,350 units for $151,200 on account ($112 each). January 12 Purchase 1,450 units for $169,650 on account ($117 cach). January 15 Return 170 of the units purchased on January 12 because of defects. January 19 Sell 4,200 units on account for $630,000. The cost of the units sold is determined using a TITO perpetual inventory system. January 22 Receive 5617.000 from customers on accounts receivable. January 24 Pay $420,000 to inventory suppliers on accounts payable January 27 Write of accounts receivable as uncollectible, $2,300. January 31 Pay cash for salaries during January, $133,000. The following information is available on January 31, 2021 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for 11 a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each b. The company estimates future uncollectible accounts. The company determines $5,400 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest expense on notes payable for January, Interest is expected to be paid each December 31 d. Accrued income taxes at the end of January are $13,700. Part 307 3.03 poin Seped a. At the end of January, the company estimates that the remaining units of inventory are expected to seith February for only $100 b. At the end of January, 55,400 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected of the remaining accounts receivable, the company estimates that 5% will not be collected c. Accrued interest expense on notes poyable for January, Interest is expected to be paid each December 31 d. Accrued income taxes at the end of January are $13,700 3. Prepare an adjusted trial balance as of January 31, 2021. DIO BLAST FIREWORKS Adjustad Trial Balance January 31, 2021 Accounts Debit Credit 11 3. Prepare an adjusted trial balance as of January 31, 2021. Part 3 of 7 BIG BLAST FIREWORKS Adjusted Trial Balance January 31, 2021 Accounts Debit Credit 3.03 points Skipped Totals $ 0 $ 0 Part 4 of 7 4. Prepare a multiple-step income statement for the period ended January 31, 2021. 3.03 points BIG BLAST FIREWORKS Multiple-step Income Statement For the year ended January 31, 2021 0 Total operating expenses Operating income (loss)