On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances Accounts Debit Credit Cash $ 12,800 Accounts Receivable 37,200 Inventory 153,600 Land 83,300 Buildings 136,000 Allowance for Uncollectible Accounts $ 3,400 Accumulated Depreciation 11,200 Accounts Payable 35,300 Common Stock 216,000 Retained Earnings 157,000 Totals $ 422,900 $ 422,900 During January 2021, the following transactions occur January 1 Borrow $116,000 from Captive Credit Corporation The installment note bears interest at 6 annually and matures in 5 years Payments of $2,243 are required at the end of each month for 60 months January 4 Receive $32,600 from customers on accounts receivable January 10 Pay cash on accounts payable, $27,000 January 15 Pay cash for salaries, $30,500 January 30 Firework sales for the month total $210,200 Sales include $66,600 for cash and $143,600 on account The cost of the units sold is $120,500 January 31 Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1 Round your interest calculation to the nearest dollar The following information is available on January 31, 2021 Depreciation on the building for the month of January is calculated using the straight line method At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,600 The company estimates future uncollectible accounts The company determines $4,600 of accounts receivable on January 31 are past due, and 50 of these accounts are estimated to be uncollectible The remaining accounts receivable on January 31 are not past due, and 2 of these accounts are estimated to be uncollectible (Hint Use the January 31 accounts receivable balance calculated in the general ledger ) Unpaid salaries at the end of January are $27,700 Accrued income taxes at the end of January are $9,600 $20,612 of the long term note payable balance will be paid over the next year Include general journal, trial balance, income statement, and balance sheet please

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Posted on Jul 31, 2024

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

Accounts	Debit		Credit
Cash	$	12,800
Accounts Receivable		37,200
Inventory		153,600
Land		83,300
Buildings		136,000
Allowance for Uncollectible Accounts			$	3,400
Accumulated Depreciation				11,200
Accounts Payable				35,300
Common Stock				216,000
Retained Earnings				157,000
Totals	$	422,900	$	422,900

During January 2021, the following transactions occur:

January 1		Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months.
January 4		Receive $32,600 from customers on accounts receivable.
January 10		Pay cash on accounts payable, $27,000.
January 15		Pay cash for salaries, $30,500.
January 30		Firework sales for the month total $210,200. Sales include $66,600 for cash and $143,600 on account. The cost of the units sold is $120,500.
January 31		Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2021.

Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,600.
The company estimates future uncollectible accounts. The company determines $4,600 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
Unpaid salaries at the end of January are $27,700.
Accrued income taxes at the end of January are $9,600.
$20,612 of the long-term note payable balance will be paid over the next year.

Include general journal, trial balance, income statement, and balance sheet please.