I need help on questions 5-11 Thank you !

Homework Chapter 88 Instructions I help Questions 5-11 (of 11 Save & ExitSubmit The following infomation applies to the questions displayed belowJ On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances Debit Credit Cash 5 26,000 4B,000 $5100 Allowance for Uncollect ble Accounts Inventory Land Equipment 20,900 55,000 19,500 Accounts Payable Notes Payable 6%, due April 1, 2019) Common Stock Retained Earnings 2,400 29,400 59,000 44,000 29,500 Totals $169,400 $169,400 During January 2018, 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. January 15. Firework sales for the first half of the month total $144,000. All of these sales are on account. The cost of the units sold is $78,300. January 23. Recelve $126,300 from customers on accounts recelvable. January 25. Pay $99,000 to inventory suppliers on accounts payable January 28. Write off accounts receivable as uncollectible, $5,700. January 30. Firework sales for the second half of the month total $152,000. Sales Include $12,00D for cash and $140,000 on account. The cost of the units sold is $84,000. January 31. Pay cash for monthly salaries, $52,900. 7. 1 Required information 10.00 points 3. Prepare an adjusted trial balance as of January 31, 2018. ACME Fireworks Adjusted Trial Balance January 31, 2018 Accounts Debit Credit Totals Required information 10.00 points 4. Prepare a multiple-step income statement for the period ended January 31, 2018 ACME FIREWORKS Income Statement For the year ended January 31, 2018 Total operating expenses Required informetion 10.00 points 5. Prepare a classified balance sheet as of January 31, 2018. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Balance Sheet January 31, 2018 Assets Llabilities Less: Allowance for uncollectible accounts Total curent assels 0 Tolal current liabilitics Total llabilities Stockholders" Equity Total stockholders' equity Total assets 0 Total liabilities and stockholders' equity Required information 10.00 polnts 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vlew transaction list Journal entry worksheet Record the closing entry for revenue accounts Nate: Enter debits befcre credits. Date General Journal Deblt Credit January 31, 2018 Record entry Clear entry Vlew general journal Required information 10.00 points 7. Analyze the following for ACME Fireworks Requirement 1 a-1. Calculate the current ratio at the end of January. Current Ratio Choose Numerator +Choose Denominator Current Ratio Current Ratio a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? more liquid less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January. Acid-test Ratio Choose Numerator | Choose Denominator = Acid-test Ratio Acid-test Ratio 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 debls (compared to the industry average)? more likely less likely Requirement 3 c-1. Assume the notes payable were due on April 1, 2018, rather than April 1,2019. Calculate the revised current ratio at the end of January Current Ratio Choose Numerator+ Choose Denominator Current Ratio Current Ratio imes c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Decrease the current ratio Increase the current ratio Remain unchanged