c-1. Assume the notes payable were due on April 1, 2018, rather than April 1, 2019. Calculate the revised current ratio at the end of January.

c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged.

Here's the earlier portion of the question. I'm not 100% sure so if you see a mistake, please don't hesitate to let me know!

The only labels my homework software will accept are the following: Current assets, Current liabilities, Fixed assets, Liquid assets, Long-term liabilities, and Quick assets.

Not sure if you guys need the adjustments info but it's there just in case.

c-1. Assume the notes payable were due on April 1, 2018, rather than April 1, 2019. Calculate the revised current ratio at the end of January.

c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged.

Requirement 1: a-1. Calculate the current ratio at the end of January. Current Ratio Choose Numerator | | Choose Denominator Current Ratio Current assets Current liabilities Current Ratio 225,600|: $ 93,800 2.41 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 Acid-test Ratio Choose NumeratorChoose Denominator Acid-test Ratio Quick assets Current liabilities Acid-test Ratio 212,400 96,860 2.19 Requirement 3: c-1. Assume the notes payable were due on April 1, 2018, rather than April 1, 2019. Calculate the revised current ratio at the end of January Current Ratio Choose Numerator Choose Denominator Current Ratio Current Ratio times c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged Decrease the current ratio Increase the current ratio Remain unchanged On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Debit Credit $25,200 Cash Accounts Receivable Allowance for Uncollectible Accounts 46,400 $ 4,300 20,100 47,000 16,000 Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Earnings 1,600 28,600 51,000 36,000 33,200 Totals $154,700 $154,700 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date January 6. Purchase additional inventory on account, $148,000. January 15. Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23. Receive $125,500 from customers on accounts receivable January 25. Pay $91,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $4,900 January 30. Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000 January 31. Pay cash for monthly salaries, $52,100. 1. Depreciation on the equipment for the month of January is calculated using the straight-ine method. At the time the equipment was purchased, the company estimated a residual value of $3,400 and a two-year service life 2. The company estimates future uncollectible accounts. The company determines $12,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) 3. Accrued interest expense on notes payable for January 4. Accrued income taxes at the end of January are $13,100 5. By the end of January, $3,100 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 31 Depreciation expense 525 525 2January 31 Bad debt expense Allowance for u 11,160 11,160 January 31 Interest expense 255 Interest payable 255 January 31 Income tax expense 13,100 Income tax payable 13,100 January 31 Deferred revenue 3,100 Sales revenue 3,100