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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 11,700 Accounts Receivable 35,000 Inventory

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

Accounts Debit Credit
Cash $ 11,700
Accounts Receivable 35,000
Inventory 152,500
Land 72,300
Buildings 125,000
Allowance for Uncollectible Accounts $ 2,300
Accumulated Depreciation 10,100
Accounts Payable 23,200
Common Stock 205,000
Retained Earnings 155,900
Totals $ 396,500 $ 396,500

During January 2021, the following transactions occur:

January 1 Borrow $105,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,030 are required at the end of each month for 60 months.
January 4 Receive $31,500 from customers on accounts receivable.
January 10 Pay cash on accounts payable, $16,000.
January 15 Pay cash for salaries, $29,400.
January 30 Firework sales for the month total $196,000. Sales include $65,500 for cash and $130,500 on account. The cost of the units sold is $115,000.
January 31 Pay the first monthly installment of $2,030 related to the $105,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2021.

  1. 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 $24,800.
  2. The company estimates future uncollectible accounts. The company determines $3,500 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 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
  3. Unpaid salaries at the end of January are $26,600.
  4. Accrued income taxes at the end of January are $8,500.
  5. $18,657 of the long-term note payable balance will be paid over the next year.

I need help completing the general journal, income balance, balance sheet, and analysis please.

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