MC YUJUUSUISOU On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,900 47,800 $ 5,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (64, due April 1, 2022) Common Stock Retained Earnings Totals 20,800 54,000 19,000 2,300 29,300 58,000 43,000 29.900 $167,500 $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,000. January 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. January 23 Receive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to inventory suppliers on accounts payable. January 28 Write oft accounts receivable as uncollectible, $5,600. January 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137,000 on account. The cost of the units sold is $83,500. January 31 Pay cash for monthly salaries, $52,800. 4. Prepare a multiple-step income statement for the period ended January 31, 2021. 4. Prepare a multiple-step income statement for the period ended January 3 & Answer is not complete. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 294,000 Cost of Goods Sold 161,300 Gross Profit Salaries Expense $ 52,800 Interest Expense 250 132,700 Total operating expenses Operating Income 53,050 79,650 Income Before Taxes 79,650 Net Income $ 79,650