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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,100 Accounts Receivable 46,200 Allowance

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts Debit Credit
Cash $ 25,100
Accounts Receivable 46,200
Allowance for Uncollectible Accounts $ 4,200
Inventory 20,000
Land 46,000
Equipment 15,000
Accumulated Depreciation 1,500
Accounts Payable 28,500
Notes Payable (6%, due April 1, 2022) 50,000
Common Stock 35,000
Retained Earnings 33,100
Totals $ 152,300 $ 152,300

During January 2021, the following transactions occur:

January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $147,000.
January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold is $73,800.
January 23 Receive $125,400 from customers on accounts receivable.
January 25 Pay $90,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $4,800.
January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500.
January 31

Pay cash for monthly salaries, $52,000.

5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

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ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts 0 Total Current Assets 0 Total Current Liabilities 0 0 Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ 0

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