Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

H 8 PROJECT Help Saves Et Subin Check my work 7 Part 7 of 7 D its Required Information [The following information applies to the

image text in transcribed
image text in transcribed
H 8 PROJECT Help Saves Et Subin Check my work 7 Part 7 of 7 D its Required Information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: ht Debat Credit Cash $ 26,600 Accounts Receivable 49,200 Allowance for Uncollectible Accounts 5,700 Inventory 21.500 Land 61,000 Equipment 22.500 Roemulated Depreciation 3,000 Recounts Payable 30,000 Notes Payable (68, due April 1, 2022) 65,000 Common Stock 50.000 Metained Earnings 27.100 Totale $100,000 $100,000 BOOK Thorence During January 2021, the following transactions occur January 2 fold gift cards totally $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, 6162,000. January 15 Thrework under for the first half of the month total. 4150,000. All of these we are en account. The cost of the units sold in 81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to Inventory suppliers on accounts payable. January 20 Write oft accounts receivable as uncollectible, 36,100. January 30 Firework sales for the second halt of the month total $150,000. Bales include 114,000 for cash *** RARE --- ARH hecoxternal browser-Olaunchurahttp%253A%252F%252Fblackboard waketech.edu. $ CH 8 PROJECT Saved Help Save & Exit Suheit Check my work 7 Totale $180,000 $100,800 Part 7 of 7 10 paints During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional Inventory on account, $162,000. Sanuary 15 Firework ales for the first halt of the month total $150,000. All of these we are on account. The cost of the units sold is $81.300. January 23 Meceive $126,900 from customers on accounts receivable. January 25 Pay 5105,000 to inventory suppliers on accounts payable. January 28 Write of accounts receivable as uncollectible. 56.300. January 30 Firework sales for the second half of the month total $15.000. Sale include 114,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. Boos References 7. Analyze the following for ACME Fireworks Requirement : 1. Calculate the current ratio at the end of January Current Ratio Choose Denominator - Choose Numeruter Current Ratio Current Ratio H 8 PROJECT Help Saves Et Subin Check my work 7 Part 7 of 7 D its Required Information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: ht Debat Credit Cash $ 26,600 Accounts Receivable 49,200 Allowance for Uncollectible Accounts 5,700 Inventory 21.500 Land 61,000 Equipment 22.500 Roemulated Depreciation 3,000 Recounts Payable 30,000 Notes Payable (68, due April 1, 2022) 65,000 Common Stock 50.000 Metained Earnings 27.100 Totale $100,000 $100,000 BOOK Thorence During January 2021, the following transactions occur January 2 fold gift cards totally $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, 6162,000. January 15 Thrework under for the first half of the month total. 4150,000. All of these we are en account. The cost of the units sold in 81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to Inventory suppliers on accounts payable. January 20 Write oft accounts receivable as uncollectible, 36,100. January 30 Firework sales for the second halt of the month total $150,000. Bales include 114,000 for cash *** RARE --- ARH hecoxternal browser-Olaunchurahttp%253A%252F%252Fblackboard waketech.edu. $ CH 8 PROJECT Saved Help Save & Exit Suheit Check my work 7 Totale $180,000 $100,800 Part 7 of 7 10 paints During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional Inventory on account, $162,000. Sanuary 15 Firework ales for the first halt of the month total $150,000. All of these we are on account. The cost of the units sold is $81.300. January 23 Meceive $126,900 from customers on accounts receivable. January 25 Pay 5105,000 to inventory suppliers on accounts payable. January 28 Write of accounts receivable as uncollectible. 56.300. January 30 Firework sales for the second half of the month total $15.000. Sale include 114,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. Boos References 7. Analyze the following for ACME Fireworks Requirement : 1. Calculate the current ratio at the end of January Current Ratio Choose Denominator - Choose Numeruter Current Ratio Current Ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions