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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

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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.) 3. Prepare an adjusted trial balance as of January 31,2021. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Finter debits before credits. 4. Prepare a multiple-step income statement for the period ended January 31 , a-2. If the average current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry average? More liquid Less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January. 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: During January 2021, the following transactions occur: January 2 sold gift eards totaling 59,200 . The cards are redeenable for merchandise within one year of the purchase date. Jasuary of Purchane additional inventory on acoount, $153,000. January is pirework nales for the first half of the month total \$141,000. M11 of these sales are on aceount. The cost of the unitio wold in $76,000. January 23 teceive $126,000 from customers on account receivable. Janutry 25 Fay $96,000 to Inventory supplierin on accountin payable. January 211 Write oft accountin receivable as uncollectible, $5,400. January 30 Firevork nales for the wecond half of the month total $149,000. Salen include $13,000 for canh and $136,000 on account, The cost of the units sold is $82,500. January 31 Pay cash for nonthly salarfes, $2,600

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