Can any one help me with this? ASAP. Thank you sooo much
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (98, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 25,900 46,500 $ 4,300 50,000 91,600 25, 200 50,000 76,000 58,500 $214,000 $214,000 The $50,000 beginning balance of inventory consists of 500 units, each costing $100. During January the following inventory transactions: 21, Big Blast Fireworks had January 3 Purchase 1,850 units for $209,050 on account ($113 each). January 8 Purchase 1,950 units for $230, 100 on account ($118 each). January 12 Purchase 2,050 units for $252,150 on account ($123 cach). January 15 Return 200 of the units purchased on January 12 because of defects. January 19 Sell 6,000 units on account for $900,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $881,000 from customers on accounts receivable. January 24 Pay $650,000 to inventory suppliers on accounts payable. January 27 Write of accounts receivable as uncollectible, $2,900. January 31 Pay cash for salaries during January, $139,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $6,000 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not post due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $14,300. On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (98, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 25,900 46,500 $ 4,300 50,000 91,600 25, 200 50,000 76,000 58,500 $214,000 $214,000 The $50,000 beginning balance of inventory consists of 500 units, each costing $100. During January the following inventory transactions: 21, Big Blast Fireworks had January 3 Purchase 1,850 units for $209,050 on account ($113 each). January 8 Purchase 1,950 units for $230, 100 on account ($118 each). January 12 Purchase 2,050 units for $252,150 on account ($123 cach). January 15 Return 200 of the units purchased on January 12 because of defects. January 19 Sell 6,000 units on account for $900,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $881,000 from customers on accounts receivable. January 24 Pay $650,000 to inventory suppliers on accounts payable. January 27 Write of accounts receivable as uncollectible, $2,900. January 31 Pay cash for salaries during January, $139,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $6,000 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not post due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $14,300
