on january 1, 2018, the general ledger of ACME Fireworks includes the following account balances:

this is all the information i was given

Accounts Debit Credit Cash $ 32,400 Accounts Receivable 49,600 Inventory 21,700 Land 83,000 Equipment 23,500 Allowance for Uncollectible 5,900 Accounts Accumulated Depreciation 3,200 Accounts Payable 30,200 Notes Payable (6%, due April 67,000 1, 2019) Warranty Liability 23,000 Common Stock 52,000 Retained Earnings 28,900 Totals $210,200 $210,200 During January 2018, the following transactions occur January 2 Sold gift cards totaling $11,400. The cards are redeemable for fireworks set-up services within one year of the purchase date. January 6 Purchase additional inventory on account, $164.800. January 15 Firework sales for the first half of the month total $152,800. All of these sales are on account. The cost of the units sold is $82,300. January 20 ACME paid a warranty claim of $18,000. January 23 Receive $127, 100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 38 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. The following information is available on January 31, 2018 a 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 $4,900 and a two-year service life. b. ACME provides a quality assurance warranty on all sales, and estimates the liability associated with the warranty to be 1% of sales revenue. ACME accrues warranty expense on the last day of each month. The warranty liability covers the life of the product and so is classified as non-current c. During January an appeals court ruled against ACME in a lawsuit involving a customer injury. The customer sued ACME for damages following a firework mishap. ACME now believes it is probable that it will incur a $16,700 loss associated with the claim, but it intends to pursue further appeal and the case could drag on for another couple of years. d. During January a customer sued ACME for damages after inadvertently igniting a Vesuvius Spark Fountain in his backpack ACME believes the probability of incurring a loss on the claim to be remote e. At the end of January, $28,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected, or the remaining accounts receivable, the company estimates that 5% will not be collected 1 ACME accrued interest expense on notes payable for January 9. ACME accrued income taxes at the end of January are $7,700. h. By the end of January, $4.700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services Require... Require General General dar Trial ne Income Balance e Chatam Analysis De 1% UI deslevende. ACME deres Warranty expense on the last day of each month. The warranty liability CON the life of the product and so is classified as non-current. c. During January an appeals court ruled against ACME in a lawsuit involving a customer injury. The customer sued ACME for damages following a firework mishap. ACME now believes it is probable that it will incur a $16,700 loss associated with the claim, but it intends to pursue further appeal and the case could drag on for another couple of years. d. During January a customer sued ACME for damages after inadvertently igniting a Vesuvius Spark Fountain in his backpack. ACME believes the probability of incurring a loss on the claim to be remote. e. At the end of January, $28,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. f. ACME accrued interest expense on notes payable for January g. ACME accrued income taxes at the end of January are $7,700. h. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services. General General Trial Income Balance Require... Analysis Journal Ledger Balance Statem... Sheet Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-11) assuming a FIFO perpetual Inventory system. The transactions on January 15 and January 30 require two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31, 2018, in the 'General Journal' tab (these are shown as items 12-19). 3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2018, in the 'Balance Sheet' tab. Record the closing entries in the 'General Journal' tab (these are shown as items 20 and 7. Using the information from the requirements above, complete the 'Analysis' tab. 0.21). ME accrued interest expense on notes payable for January ME accrued income taxes at the end of January are $7,700. the end of January, $4,700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services. General General Trial Income Balance quire... Analysis Journal Ledger Balance Statem... Sheet sing the information from the requirements above, complete the 'Analysis'. (Calculate ne ratios to the nearest 1 decimal place.) Analyze the following for ACME Fireworks: Calculate the current ratio at the end of January. If the average current ratio for the dustry is 1.8. is ACME Fireworks more or less liquid than the industry average? the current ratio is: the company more or less liquid than the industry average? b) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the ndustry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently naturing debts (compared to the industry average)? The acid-test ratio is: Is the company more or less likely to have difficulty paying its currently maturing debts? (c) 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, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). The revised current ratio is Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). Accounts Debit Credit Cash $ 32,400 Accounts Receivable 49,600 Inventory 21,700 Land 83,000 Equipment 23,500 Allowance for Uncollectible 5,900 Accounts Accumulated Depreciation 3,200 Accounts Payable 30,200 Notes Payable (6%, due April 67,000 1, 2019) Warranty Liability 23,000 Common Stock 52,000 Retained Earnings 28,900 Totals $210,200 $210,200 During January 2018, the following transactions occur January 2 Sold gift cards totaling $11,400. The cards are redeemable for fireworks set-up services within one year of the purchase date. January 6 Purchase additional inventory on account, $164.800. January 15 Firework sales for the first half of the month total $152,800. All of these sales are on account. The cost of the units sold is $82,300. January 20 ACME paid a warranty claim of $18,000. January 23 Receive $127, 100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 38 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. The following information is available on January 31, 2018 a 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 $4,900 and a two-year service life. b. ACME provides a quality assurance warranty on all sales, and estimates the liability associated with the warranty to be 1% of sales revenue. ACME accrues warranty expense on the last day of each month. The warranty liability covers the life of the product and so is classified as non-current c. During January an appeals court ruled against ACME in a lawsuit involving a customer injury. The customer sued ACME for damages following a firework mishap. ACME now believes it is probable that it will incur a $16,700 loss associated with the claim, but it intends to pursue further appeal and the case could drag on for another couple of years. d. During January a customer sued ACME for damages after inadvertently igniting a Vesuvius Spark Fountain in his backpack ACME believes the probability of incurring a loss on the claim to be remote e. At the end of January, $28,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected, or the remaining accounts receivable, the company estimates that 5% will not be collected 1 ACME accrued interest expense on notes payable for January 9. ACME accrued income taxes at the end of January are $7,700. h. By the end of January, $4.700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services Require... Require General General dar Trial ne Income Balance e Chatam Analysis De 1% UI deslevende. ACME deres Warranty expense on the last day of each month. The warranty liability CON the life of the product and so is classified as non-current. c. During January an appeals court ruled against ACME in a lawsuit involving a customer injury. The customer sued ACME for damages following a firework mishap. ACME now believes it is probable that it will incur a $16,700 loss associated with the claim, but it intends to pursue further appeal and the case could drag on for another couple of years. d. During January a customer sued ACME for damages after inadvertently igniting a Vesuvius Spark Fountain in his backpack. ACME believes the probability of incurring a loss on the claim to be remote. e. At the end of January, $28,000 of accounts receivable are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. f. ACME accrued interest expense on notes payable for January g. ACME accrued income taxes at the end of January are $7,700. h. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services. General General Trial Income Balance Require... Analysis Journal Ledger Balance Statem... Sheet Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-11) assuming a FIFO perpetual Inventory system. The transactions on January 15 and January 30 require two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31, 2018, in the 'General Journal' tab (these are shown as items 12-19). 3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2018, in the 'Balance Sheet' tab. Record the closing entries in the 'General Journal' tab (these are shown as items 20 and 7. Using the information from the requirements above, complete the 'Analysis' tab. 0.21). ME accrued interest expense on notes payable for January ME accrued income taxes at the end of January are $7,700. the end of January, $4,700 of the gift cards sold on January 2 have been redeemed for fireworks set-up services. General General Trial Income Balance quire... Analysis Journal Ledger Balance Statem... Sheet sing the information from the requirements above, complete the 'Analysis'. (Calculate ne ratios to the nearest 1 decimal place.) Analyze the following for ACME Fireworks: Calculate the current ratio at the end of January. If the average current ratio for the dustry is 1.8. is ACME Fireworks more or less liquid than the industry average? the current ratio is: the company more or less liquid than the industry average? b) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the ndustry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently naturing debts (compared to the industry average)? The acid-test ratio is: Is the company more or less likely to have difficulty paying its currently maturing debts? (c) 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, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). The revised current ratio is Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a).