A1, B1, C1

Tage acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A2 Reg A1 Req B1 Req B2 ReqC1 Reg C2 Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January Current Ratio Choose Numerator Choose Denominator Current Ratio Current Assets Current Liabilities Current Ratio 243,800 162,020 1.50 Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1,8-2, 8-4, 8-6) [The following information applies to the questions displayed below.) On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $26,500 49,000 $5,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (64, due April 1, 2025) Common Stock Retained Earnings Totals 21,400 60,000 22,000 2,900 29,900 64,000 49,000 27,500 5178,900 $178,900 During January 2024, the following transactions occur January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $88,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,200. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. Required information Exercise 8-19 (Algo) Complete the accounting cycle (L08-1,8-2, 8-4, 8-6) [The following information applies to the questions displayed below.) On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit Credit Accounts Receivable $26,500 49,000 Allowance for Uncollectible Accounts Inventory $5,600 21,400 Land 60,000 Equipment 22,000 Accumulated Depreciation 2,900 Accounts Payable 29,900 Notes Payable (6%, due April 1, 2025) 64,000 Common Stock 49,000 Retained Earnings 27,500 Totals $178,900 $178,900 During January 2024, the following transactions occur. January 2 Sold gift cards totaling $10,860. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,890 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,200. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. BB