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On January 1 , 2 0 2 4 , the general ledger of Big Blast Fireworks includes the following account balances: References The $ 4
On January the general ledger of Big Blast Fireworks includes the following account balances:
References
The $ beginning balance of inventory consists of units, each costing $ During January Big Blast Fireworks had
the following inventory transactions:
January Purchase units for $ on account $ each
January Purchase units for $ on account $ each
January Purchase units for $ on account $ each
January Return of the units purchased on January because of defects.
January Sell units on account for $ The cost of the units sold is determined using a FIF perpetual
inventory system.
January Receive $ from customers on accounts receivable.
January Pay $ to inventory suppliers on accounts payable.
January Write off accounts receivable as uncollectible, $
January Pay cash for salaries during January, $
The following information is available on January
a At the end of January, the company estimates that the remaining units of inventory purchased on January are expected to sell in
February for only $ each. Hint: Determine the number of units remaining from January after subtracting the units returned on
January and the units assumed sold FIFO on January
b The company records an adjusting entry for $ for estimated future uncollectible accounts.
c The company accrues interest on notes payable for January. Interest is expected to be paid each December
d The company accrues income taxes at the end of January of $
Prepare a classified balance sheet as of January Choose the appropriate accounts to complete the company's balance
sheet. The unadjusted, adjusted, or postclosing balances will appear for each account, based on your selection.
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