On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Debit $26,600 49,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals 21,500 61,000 22,500 $180,800 Credit $5,700 January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. 3,000 30,000 65,000 50,000 27,100 $180,800 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $162,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,500 and a two-year service life. b. The company records an adjusting entry for $15,760 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,500. e. By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold).

On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$162,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,500 and a two-year service life. b. The company records an adjusting entry for $15,760 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,500. e. By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$162,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write of f accounts receivable as uncollectible, $6,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 pay cash for monthly salaries, $53,580. The following information is available on January 31. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,500 and a two-year service life. b. The company records an adjusting entry for $15,760 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,500. e. By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Prepare the journal entries for transactions. (If no entry is required for in the first account field.) 1 Record sale of gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. 2 Record purchase of additional inventory on account, $162,000. 3 Record firework sales for the first half of the month totaling $150,000. All of these sales are on account. 4 Firework sales for the first half of the month total $150,000. The cost of the units sold is $81,300. Record the cost of the units sold. 5 Record receipt of $126,900 from customers on accounts Note : = journal entry has been entered Prepare the joumal entries for transactions. (If no entry is required for a p in the first account field.) 5 Record receipt of $126,900 from customers on accounts receivable. 6 Record payment of $105,000 to inventory suppliers on accounts payable. 7 Record write-off of accounts receivable as uncollectible, $6,300. 8 Record firework sales for the second half of the month totaling $158,000. Sales include $14,000 for cash and $144,000 on account. 9 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. Record Note : = journal entry has been entered 9 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. Record the cost of the units sold. 10 Record payment of cash for monthly salaries, $53,500. 11 Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $4,500 and a two-year service life. Record the adjusting entry for depreciation. 12. The company records an adjusting entry for $15,760 for estimated future uncollectible accounts. Note: O= journal entry has been entered 13 The company has accrued interest on notes payable for January. 14 The company has accrued income taxes at the end of January of $14,500 15 By the end of January, $4,500 of the gift cards soid on January 2 have been redeemed (ignore cost of goods sold). 16 Record the entry to close the revenue accounts. 17 Record the entry to close the expense accounts. Note : O= journal entry has been entered Prepare an income statement for the period ensed danuary 31, 2024. Choose the appropriat company's income statement. The unadjusted, adjusted, or post-closing balances wif appear selection. Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. b. The company records an adjusting entry for $15,760 for estimated future uncollectible accounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,500. e. By the end of January, $4,500 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Using the information from the requirements above, complete the 'Analysis' tab. (Calculate the ratios to the nearest 2 decim places.) Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your