Hello, I need some help figuring out part 7 (C1) for this accounting assignment. I have tried to figure it out myself, but I can't figure out what I am doing wrong. Please show your work. It will be helpful to see the process so I can practice it for future problems! I have uploaded all the previous parts as I am not sure what information might be needed to solve question C1. Thank you!

Required: 1. Record each of the transactions Iisted above. (If no entry Is required for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) - Depreciation on the equipment for the month of January is calculated using the straight-IIne method. At the time the equipment was purchased, the company estimated a residual value of $4,700 and a two-year service life. - The company records an adjusting entry for $16,850 for estimated future uncollectible accounts. - The company has accrued interest on notes payable for January. - The company has accrued Income taxes at the end of January of $14,300. - By the end of January, $4,300 of the glft cards sold on January 2 have been redeemed (Ignore cost of goods sold). 2. Record the adjusting entrles on January 31 for the above transactions. (If no entry is required for a partleular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) Exercise 8-19 (Algo) Part 3 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step Income statement for the perlod ended January 31,2024 . 5. Prepare a classlfied balance sheet as of January 31, 2024. (Enter the asset accounts In order of llquldity. Amounts to be deducte should be Indlcated with a minus slgn.) 6. Record closing entrles. (If no entry Is requlred for a transaction/event, select "No Journal Entry Required" In the flrst account Fleld.) 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the Industry is 1.80, is ACME Frreworks more or less liquid than the Industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requilrement 3: c-1. Assume the notes payable were due on Aprll 1, 2024, rather than Aprll 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would Increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the current ratio at the end of January. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the Industry Is 1.80, is ACME Fireworks more or less liquid than the Industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the Industry is 1.50, is ACME Fireworks more or less Ilkely to have difficulty paying its currently maturing debts (compared to the Industry average)? Requirement 3 : c-1. Assume the notes payable were due on April 1, 2024, rather than Aprll 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. If the average current ratio for the industry is 1.8, is ACME Fireworks more or less liquid than the industry average? If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? 7. Analyze the following for ACME FIreworks Requlrement 1: a.1. Calculate the current ratio at the end of January. a.2. If the average current ratio for the Industry is 1.80, is ACME Freworks more or less llquid than the Industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the Industry average)? Requirement 3 : c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would Increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. 7. Analyze the following for ACME Flreworks Requlrement 1: a-1. Calculate the current ratio at the end of January. a.2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requlrement 2: b-1. Calculate the acld-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on Aprll 1, 2024, rather than Aprll 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a.2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the Industry average? Requirement 2: b-1. Calculate the acld-test ratio at the end of January. b-2. If the average acid-test ratio for the industry Is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. 7. Analyze the following for ACME Flreworks Requlrement 1 : a-1. Calculate the current ratio at the end of January. a.2. If the average current ratio for the industry Is 1.80, is ACME Fireworks more or less IIquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requlrement 3: c-1. Assume the notes payable were due on Aprll 1, 2024, rather than Aprll 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would Increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Sold gift cards totaling $10,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $160,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $148,000. All of these sales are on account. The cost of the units sold is $80,300. January 23 Receive $126,700 from customers on accounts receivable. January 25 Pay $103,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,100. January 30 Firework sales for the second half of the month total $156,000. Sales include $15,000 for cash and $141,000 on account. The cost of the units sold is $86,000. January 31 Pay cash for monthly salaries, $53,300