i need help for the answer on PART 7 Req B1

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 $9,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $144,000. A11 of these sales are on account. The cost of the units sold is $78,300. January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 28 Write of f accounts receivable as uncollectible, $5,700. January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and January 31 pay, $140,000 on account. The cost of the units sold is $84,000. Required: 1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) - Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $3,900 and a two-year service life. - The company records an adjusting entry for $12,000 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 $13,900. - By the end of January, $3,900 of the gif cards sold on January 2 have been redeemed (ignore cost of goods sold). 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step income statement for the period ended January 31, 2024. Answer is complete and correct. 5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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 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. Answer is complete but not entirely correct. 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 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. Answer is complete but not entirely correct. 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 averege? 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 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. Answer is complete but not entirely correct. 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 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 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. Answer is complete but not entirely correct. 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 averpge solstest ratio for the indutty is 1.5 , is ACME Fireworks more of lest likely to have difliculy paying to currently masuring debts (compared to the industry averege)? 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 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. Answer is complete but not entirely correct. 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 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 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Decrease the current ratio