19 On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances Accounts Debit Credit Cash $ 12,700 Accounts Receivable 37,000 Allowance for Uncollectible Accounts $ 3,300 Inventory 153,500 Land 82,300 Buildings 135,000 Accumulated Depreciation 11,100 Accounts Payable 34,200 Common Stock 215,000 Retained Earnings 156,900 Totals $ 420,500 $ 420,500 During January 2024, the following transactions occur January 1 Borrow $115,000 from Captive Credit Corporation The installment note bears interest at 6 annually and matures in 5 years Payments of $2,223 are required at the end of each month for 60 months January 4 Receive $32,500 from customers on accounts receivable January 10 Pay cash on accounts payable, $26,000 January 15 Pay cash for salaries, $30,400 January 30 Firework sales for the month total $210,000 The cost of the units sold is $120,000 January 31 Pay the first monthly installment of $2,223 related to the $115,000 borrowed on January 1 4a Prepare a multiple step income statement for the period ended January 31, 2024 (Do not round intermediate calculations ) 4b Prepare a classified balance sheet as of January 31, 2024 (Amounts to be deducted should be indicated with a minus sign Do not round intermediate calculations )

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19. On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 12,700 Accounts Receivable 37,000

19.

On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$ 12,700
Accounts Receivable	37,000
Allowance for Uncollectible Accounts		$ 3,300
Inventory	153,500
Land	82,300
Buildings	135,000
Accumulated Depreciation		11,100
Accounts Payable		34,200
Common Stock		215,000
Retained Earnings		156,900
Totals	$ 420,500	$ 420,500

During January 2024, the following transactions occur:

January 1	Borrow $115,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,223 are required at the end of each month for 60 months.
January 4	Receive $32,500 from customers on accounts receivable.
January 10	Pay cash on accounts payable, $26,000.
January 15	Pay cash for salaries, $30,400.
January 30	Firework sales for the month total $210,000. The cost of the units sold is $120,000.
January 31	Pay the first monthly installment of $2,223 related to the $115,000 borrowed on January 1.

4a Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.)

4b Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations.)