Credit Debit $ 25,600 47,200 $ 4,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 20,500 51,000 17,500 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $ 161,800 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $ 9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Liabilities Assets Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory $ 194,000 $ 23,000 Accounts Payable Deferred Revenue 194,000 Interest Payable 14,200 Income Tax Payable $ 86,100 5,500 275 13,500) Total Current Assets 105,375 55,000 160,375 231,200 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 51,000 Common Stock 17,500 Retained Earnings (2,575) Land 40,000 66,050 Equipment Accumulated Depreciation Total Stockholders' Equity Total Liabilities and Stockholders' Equity 106,050 $ 266,425 Total Assets | $ 297,125