Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information...

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Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 13,000 37,600 Credit $ 3,600 153,800 85,300 138,000 11,400 37,500 218,000 157,200 $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 January 4 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. Receive $32,800 from customers on accounts receivable. January 10 Pay cash on accounts payable, $29,000. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Exercise 9-24 (Algo) Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.) FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 Sales Revenue Gross Profit Expenses 0 Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 13,000 37,600 Credit $ 3,600 153,800 85,300 138,000 11,400 37,500 218,000 157,200 $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 January 4 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. Receive $32,800 from customers on accounts receivable. January 10 Pay cash on accounts payable, $29,000. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Exercise 9-24 (Algo) Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.) FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 Sales Revenue Gross Profit Expenses 0