cise 8-19 (page 430 of the textbook) On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: The following activity occured during the month of fanuary: January 2 Sold sift cards totaling $7,500. The cards are redeemable for merchandise within one year of the porchase date. lanuary 6 Purchase additional ieventory on account, 5139,000 . ACME uses the perpetual inventory rntem. Ianuary 15 Firework sales for the first half of the month total $137,000. All of these sales are on accouot. The cost of the units sold is 571,300 . Jamuary 23 Receive 5130,000 trom customers on accounts receivable. January 25 Pay $39,000 to inventory suppliers on accounts payable. 1anvary 30 Fireworksales for the second half of the month total $152,000,52le include $12,000 for cath and $140,000 on account. The cost of the units sold is 588,000 . January 31 Paycach for moethly salariex, 556,000 . Aequired 1 hecord each of the transactions listed in the Eeneral journal and post to the gereral lod get. 2. Record acj usting entries on lanuary 31 in the general joumal and post to the general ledger. Depreciation on the equipment tor the month of january is calculated using the straight -lise method. At the time the equipment was purchased, the a. company etimated areisdual value of 55,400 and a two vear servicelide. b. The company records an adjuting entry for $13,000 for estimated future uncolliectible account.. c. The company has accrued interest on notes pavable for lanvary (6N due April 1, 2025) d. The company accrued income taves at the end of January of 513,500. 3 Preame an adfusted trial balance ar of January 31, 2024. The workshert provided atisfies this requirement 4 Prepare a multi-step income statement for the perlod ended lanuary 31; 2024. 5 Prepare a statement of stockholders equaty for the period ended hinuay 31, 2024. 6 Prepare a clasufied balance theet as of Lanuary 31,2024. 7 Hecord the cloving enties on jantary 31 in the reneral jouthal and pout to the gentral ledeed. 1 Hecord the closing entries on January 31 in the general journal and post to the general ledges. 8 Analyze the following for ACME Firework: Calculate the current ratio at the end of January. If the average current ratio for the ind ustry is 1.8, is ACME Fireworks more or I less liquid than the industry a. zverage? Calculate the acid-teit ratio at the end of January, If the average acid-test ratio for the indutry is 1.5, is ACME Fireworks more or less fikely to have diffeculty b. Paving its currently maturing debts (compared to the industry averagel? Astume the notes payable were due on April 1, 2024, father than April 1, 2025. Calculate the revised current ratio at the end of lanuary, and indicate, c. Whether the revised ratio would increase, decresse, or remain unchanged campared to your answer in (a)