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

Accounts	Debit	Credit
Cash	$ 12,100
Accounts Receivable	35,800
Allowance for Uncollectible Accounts		$ 2,700
Inventory	152,900
Land	76,300
Buildings	129,000
Accumulated Depreciation		10,500
Accounts Payable		27,600
Common Stock		209,000
Retained Earnings		156,300
Totals	$ 406,100	$ 406,100

During January 2024, the following transactions occur:

January 1	Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months.
January 4	Receive $31,900 from customers on accounts receivable.
January 10	Pay cash on accounts payable, $20,000.
January 15	Pay cash for salaries, $29,800.
January 30	Firework sales for the month total $200,400. The cost of the units sold is $117,000.
January 31	Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1

4. Calculate a multiple-step income statement for the period ended January 31, 2024.

5. Calculate a classified balance sheet as of January 31, 2024

FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 \begin{tabular}{|l|r|r|} \hline Sales Revenue & & \\ \hline & & \\ \hline Gross Profit & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 \begin{tabular}{|l|r|r|} \hline Sales Revenue & & \\ \hline & & \\ \hline Gross Profit & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}