15 ! Part 5 of 7 Required information [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 o Dints Debit $ 26,600 49,200 $ 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 21,500 61,000 22,500 3,000 30,000 65,000 50,000 27,100 $180,800 $180,800 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, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) X Answer is complete but not entirely correct. ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash $ 20,000 Accounts Payable $ 87,000 $ 210,000 Deferred Revenue 6,500 Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory 15,760 225,760 Interest Payable 325 15,200 Income Tax Payable 14,500 Total Current Assets 108,325 65,000 173,325 260,960 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 61,000 Common Stock 22,500 Retained Earnings 18,750 X Land 50,000 86,465 Equipment Accumulated Depreciation 136,465 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 363,210 Total Assets $ 309,790