On January 1, 2024, the generol ledger of ACME Fireworks tncludes the foliowing account balances During Jaruary 2024 , the following tyansactions occur: January 2 Sold gift cards totaling 111,400 . The cards are reseetable for aerchandise within be jear of the January 6 . Furchase date. cest of the undts sold is ing, 3es. January 23 Recelve $127,162 tron custoners on accounts receivable. january 25 Par 5167 , eed to inyentory suppliers on acceunts payasle. january 23 write oft accovsts recelyoble as uncotlectiste, $6, see. January 10 Pirework sales for the second kalf af the monts potol. 1ase, eeo. salas lactude 311 , cee foe cash and The following information is avalable on danuary 31. a. Depreciason on the eovipment for the month of Janvary is celculeted using the stragn ine method At the bme the equipmert wis purchased, the company estimated a residual volve of 54,900 and a two ye ie serice ite. b The compeny iecores an adjusting entry for $1 t. 450 for estimated future uncolectible acceunts. c. The company hes acerued interest on noles payable for lahuary. d. The company has actrued income takes at the end of Jahuary of $14,700 e. 0y the end of Jenuary, 54700 of the gn cards sodd on spusy? have been redeemed fonore cont of goods solft a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchsed, the company estimated a residual value of $4,900 and a two-year service lfo. b. The cormpany records an adjusthe entry for $18,450 for estmated future uncollectible accounts. c. The company has accrued interest cn notes payable for January d. The company has eccrued income taxes at the end of January of $14,700. e. By the end of January. $4,700 of the git cards sold on January 2 have been tedeemed pgnoce cost of goods sold]. Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equlpment was purchased, the company estimoted a residual value of $4,900 and a two-year service life. b. The company records an adjusting entry for $18,450 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 $14,700. e. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). Notice the dropdewn below that gives the options to select the unadfusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based an your selection. 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 $4,900 and a two-year service life. b. The company records an adjusting entry for $18,450 for estimated future uncollectble 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 $14,700. e. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 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-diosing balances will appear for each account, based on your selection. a. Depreciation on the equlpment 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 $4,900 and a two-yoar service life. b. The compary records an adjusting entry for $18,450 for estimated future uncollectible occounts. c. The company has accrued interest on notes payable for January. d. The company has accrued income taxes at the end of January of $14,700. e. By the end of January, $4,700 of the gift cards sold on January 2 have been redeemed (ognore cost of goods sold). Using the information from the requirements above, complete the 'Analysis' tab. (Calculate the ratios to the nearest 2 dedinal places.)
