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Credit Debit $ 25,800 47,600 $ 4,900 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 20,700 53,000 18,500 2,200 29, 200 57,000 42,000 30,300 $165,600 $165,600 During January 2021, the following transactions occur. January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $154,000. January 15 Firework sales for the first half of the month total $142,880. All of these sales are on account. The cost of the units sold is $77, 300. January 23 Receive $126,100 from customers on accounts receivable. January 25 Pay $97,eee to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,500 January 30 Firework sales for the second half of the month total $150,000. Sales include $15,000 for cash and $135,000 on account. The cost of the units sold is $83,000. January 31 Pay cash for monthly salaries, $52,700. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January Current Ratio Choose Numerator Choose Denominator Current Ratio = Current Ratio 11 0-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? O More liquid Less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January Acid-test Ratio Choose Numerator + Choose Denominator Acid-test Ratio = Acid-test Ratio b-2. If the average acid-test ratio for the industry is 150, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? More likely O Less likely Requirement 3: c-1. Assume the notes payable were due on April 1, 2021, rather than April 1, 2022 Calculate the revised current ratio at the end of January Current Ratio Choose Numerator Choose Denominator = Current Ratio Current Ratio times -3 : Neyt c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. O Decrease the current ratio Increase the current ratio O Remain unchanged Required information ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 295,700 Cost of Goods Sold 160,300 $ CA 135,400 $ Salaries Expense Depreciation Expense Bad Debt Expense 52,700 667 9,650 Total operating expenses Operating Income Interest Expense 63,017 72,383 (285) 72.098 (13,700) 58.398 Income Tax Expense Net Income $ nep Save & Exit Check Required information Liabilities Assets Cash Accounts Receivable Less Allowance for Uncollectible Accounts Inventory $ 193.000 (9.050) $ 26,600 Accounts Payable interest Payable 183.950 Income Tax Payable 20.700 Warranty Liability $ 06.200 285 13700 105,885 Total Current Assets 206,070 57.000 263.070 231.250 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 53,000 Common Stock 18.500 Retained Earnings 2867 Land Equipment TAccumulated Depreciation 42.000 30,300 Total Stockholders' Equity 72 300 Total Liabilities and Stockholconi' Equity 5 335 370 Total Assets $ 299.883 CO
