On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit			Credit
Cash	$	27,100
Accounts Receivable		50,200
Allowance for Uncollectible Accounts				$	6,200
Inventory		22,000
Land		66,000
Equipment		25,000
Accumulated Depreciation					3,500
Accounts Payable					30,500
Notes Payable (6%, due April 1, 2019)					70,000
Common Stock					55,000
Retained Earnings					25,100
Totals	$	190,300		$	190,300

During January 2018, the following transactions occur: January 2. Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6. Purchase additional inventory on account, $167,000. January 15. Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23. Receive $127,400 from customers on accounts receivable. January 25. Pay $110,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $6,800. January 30. Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500. January 31. Pay cash for monthly salaries, $54,000.

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3. Prepare an adjusted trial balance as of January 31, 2018.

4. Prepare a multiple-step income statement for the period ended January 31, 2018.

5. Prepare a classified balance sheet as of January 31, 2018.

6. Record closing entries.

7. Calculate the current ratio at the end of January.

8. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average?

9. Calculate the acid-test ratio at the end of January.