ck Chapter #8 Saved [The following information applies to the questions displayed below] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounta Cash Accounts Receivable Allowance for Uncollectible Accounts Debit Credit $25,900 47,800 $5,000 Inventory 20,000 Land Equipment 54,000 19,000 Accumulated Depreciation 2,300 Accounts Payable 29,300 22 Notes Payable (6, due April 1, 2022). Common Stock 58,000 43,000 Retained Earnings 29,900 Totals $167,500 $167,500 During January 2021, the following transactions occur Zanuary 2 Sold gift cards totaling $5,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,000. January 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,900. January 23 Seceive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,600. January 30 Firework sales for the second half of the month total $151,000. Bales include $14,000 for cash and $137,000 on account. The cost of the units sold in 593,500. January 31 Pay cash for monthly salaries, 152,000. 4. Prepare a multiple-step income statement for the period ended January 31, 2021. < Prev 8 9 10 11 of 13 Next > Help Save & Exit Submit Check my work