On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances Accounts Debit Credit Cash $26,900 Accounts Receivable 49,800 Allowance for Uncollectible Accounts $6,000 Inventory 21,800 Land 64,000 Equipment 24,000 Accumulated Depreciation 3,300 Accounts Payable 30,300 Notes Payable (6 , due April 1, 2025) 68,000 Common Stock 53,000 Retained Earnings 25,900 Totals $186,500 $186,500 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, $165,000 ACME uses the perpetual inventory system January 15 Firework sales for the first half of the month total $153,000 All of these sales are on account The cost of the units sold is $82,800 January 23 Receive $127,200 from customers on accounts receivable January 25 Pay $108,000 to inventory suppliers on accounts payable January 28 Write off accounts receivable as uncollectible, $6,600 January 30 Firework sales for the second half of the month total $161,000 Sales include $18,000 for cash and $143,000 on account The cost of the units sold is $88,500 January 31 Pay cash for monthly salaries, $53,800 The following information is available on January 31 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 $4,800 and a two year service life The company records an adjusting entry for $16,620 for estimated future uncollectible accounts The company has accrued interest on notes payable for January The company has accrued income taxes at the end of January of $14,800 By the end of January, $4,800 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold) I Need the General Journal, Income Statement, Balance Sheet, and the Analysis (Below Analyze the following for ACME Fireworks (a) Calculate the current ratio at the end of January If the average current ratio for the industry is 1 80 , is ACME Fireworks more or less liquid than the industry average The current ratio is Is the company more or less liquid than the industry average (b) Calculate the acid test ratio at the end of January If the average acid test ratio for the industry is 1 50 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average) The acid test ratio is Is the company more or less likely to have difficulty paying its currently maturing debts (c) Assume the notes payable were due on April 1, 2024, rather than April 1, 2025 Calculate the revised current ratio at the end of January, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a) The revised current ratio is Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a)

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On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $26,900 Accounts Receivable 49,800 Allowance for

On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit	Credit
Cash	$26,900
Accounts Receivable	49,800
Allowance for Uncollectible Accounts		$6,000
Inventory	21,800
Land	64,000
Equipment	24,000
Accumulated Depreciation		3,300
Accounts Payable		30,300
Notes Payable (6%, due April 1, 2025)		68,000
Common Stock		53,000
Retained Earnings		25,900
Totals	$186,500	$186,500

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, $165,000. ACME uses the perpetual inventory system.
January 15	Firework sales for the first half of the month total $153,000. All of these sales are on account. The cost of the units sold is $82,800.
January 23	Receive $127,200 from customers on accounts receivable.
January 25	Pay $108,000 to inventory suppliers on accounts payable.
January 28	Write off accounts receivable as uncollectible, $6,600.
January 30	Firework sales for the second half of the month total $161,000. Sales include $18,000 for cash and $143,000 on account. The cost of the units sold is $88,500.
January 31	Pay cash for monthly salaries, $53,800.

The following information is available on January 31.

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 $4,800 and a two-year service life.
The company records an adjusting entry for $16,620 for estimated future uncollectible accounts.
The company has accrued interest on notes payable for January.
The company has accrued income taxes at the end of January of $14,800.
By the end of January, $4,800 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold).

I Need the General Journal, Income Statement, Balance Sheet, and the Analysis (Below

Analyze the following for ACME Fireworks: (a) Calculate the current ratio at the end of January. If the average current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry average? The current ratio is: Is the company more or less liquid than the industry average? (b) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the industry is 1.50 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? The acid-test ratio is: Is the company more or less likely to have difficulty paying its currently maturing debts? (c) Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). The revised current ratio is Indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a)