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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 12,800 37,200 153,600 83,309 136,000 Accounts Cash
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 12,800 37,200 153,600 83,309 136,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,400 11,200 35,300 216,000 157,000 $422,900 5422,980 During January 2021, the following transactions occur January Borrow $116,000 from Captive Credit Corporation. The installment note ars Interest at 6 annually and matures 1 In 5 years. Payments of $2,243 are required at the end of each month for 6 months January Receive $32,600 Fron customers on accounts receivable January Pay cash on accounts payable, $27.000 10 January Pay cash for salaries, 330, 500 15 January Firework sales for the month total 5210,200. Sales Include 366,600 for cash and 3143,600 on account the cost 30 of the units sold is $120,500 January Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January Round your interest Calculation to the nearest dollar 4. Prepare a multiple step income statement for the period ended January 31, 2021
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