Exercise 8-18 Part 3 3. Prepare an adjusted trial balance as of January 31, 2021. ACME Fireworks Adjusted Trial Balance January 31, 2021 Cash Accounts Accounts Receivable Equipment Accumulated Depreciation Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable Cost of Goods Sold Common Stock Retained Earnings Sales Revenue Salaries Expense Debit Credit Exercise 8-18 Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Total operating expenses $ 0 0 0 0 $ 0 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.) Assets ACME FIREWORKS Classified Balance Sheet January 31, 2021 Less: Allowance for Uncollectible Accounts 0 Total Current Assets Liabilities 0 Total Current Liabilities 0 Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders Total Assets $ 0 $ 0 Equity Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2,8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: 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 Totals Debit $ 25,300 46,600 Credit $ 4,400 20,200 48,000 16,500 1,700 28,700 52,000 37,000 32,800 $156,600 $156,600 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $149,000. January 15 Firework sales for the first half of the month total $137,000. All of these sales are on account. The cost of the units sold is $74,800. January 23 Receive $125,600 from customers on accounts receivable. January 25 Pay $92,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,000. January 30 Firework sales for the second half of the month total $145,000. Sales include $15,000 for cash and $130,000 on account. The cost of the units sold is $80,500. January 31 Pay cash for monthly salaries, $52,200