Can someone please help with the incorrect answers. I just need the correct answers for the answers with the red X next to them (Incorrect answers)
During January 2024 , the following transactions occur: January 1 Borrow $100,000 from Captive Credit Corporation. The installment note bears interest at 7 annually and matures in 5 years. Payments of $1,980 are required at the end of each month for 60 months. January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900. January 30 Firework sales for the month total $195,000. The cost of the units sold is $112,500. January 31 Pay the first monthly installment of $1,980 related to the $100,000 borrowed on January 1 . January 1 Borrow $100,000 from Captive Credit Corporation. The installment note bears interest at 7 annually and matures in 5 years. Payments of $1,980 are required at the end of each month for 60 months. January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900. January 30 Firework sales for the month total $195,000. The cost of the units sold is $112,500. January 31 Pay the first monthly installment of $1,980 related to the $100,000 borrowed on January 1 . The following information is available on January 31,2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,000. b. The company estimates additional future uncollectible accounts of $2,300. c. Unpaid salaries at the end of January are $26,100. d. Accrued income taxes at the end of January are $8,000. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $17,411. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal En Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) ihoose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, whicl ill then populate the balances in those accounts from the adjusted trial balance. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balance appear for each account, based on your selection. Analyze the following for Freedom Fireworks: (Round your answer to one decimal place.) Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1.0 , is Freedom Fireworks more or less leveraged than other companies in the same industry
