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Analyze the following for ACME Fireworks

The only labels my homework software will accept are the following: Current assets, Current liabilities, Fixed assets, Liquid assets, Long-term liabilities, and Quick assets.

Analyze the following for ACME Fireworks

The only labels my homework software will accept are the following: Current assets, Current liabilities, Fixed assets, Liquid assets, Long-term liabilities, and Quick assets.

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On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Debit Credit $25,200 Cash Accounts Receivable Allowance for Uncollectible Accounts 46,400 $ 4,300 20,100 47,000 16,000 Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Earnings 1,600 28,600 51,000 36,000 33,200 Totals $154,700 $154,700 During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date January 6. Purchase additional inventory on account, $148,000. January 15. Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23. Receive $125,500 from customers on accounts receivable January 25. Pay $91,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $4,900 January 30. Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000 January 31. Pay cash for monthly salaries, $52,100. 1. Depreciation on the equipment for the month of January is calculated using the straight-ine method. At the time the equipment was purchased, the company estimated a residual value of $3,400 and a two-year service life 2. The company estimates future uncollectible accounts. The company determines $12,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) 3. Accrued interest expense on notes payable for January 4. Accrued income taxes at the end of January are $13,100 5. By the end of January, $3,100 of the gift cards sold on January 2 have been redeemed. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 31 Depreciation expense 525 525 2January 31 Bad debt expense Allowance for u 11,160 11,160 January 31 Interest expense 255 Interest payable 255 January 31 Income tax expense 13,100 Income tax payable 13,100 January 31 Deferred revenue 3,100 Sales revenue 3,100 3. Prepare an adjusted trial balance as of January 31, 2018 ACME Fireworks Adjusted Trial Balance January 31, 2018 Accounts Debit Credit Cash Accounts receivable Allowance for uncollectible accounts nventory S 25,800 186,000 10,560 13,800 47,000 16,000 Equipment Accumulated depreciation Accounts payable 2,125 85,600 51,000 5,100 36,000 33,200 tes payable erred revenue Common stock Retained earnings Salaries expense Sales revenue Cost of Goods Sold 52,100 283,100 ad debt expense epreciation expense nterest expense Income tax expense nterest payable ncome tax payable 154,300 11,160 525 255 13,100 255 13,100 $ 520,040$520,040 Totals 4. Prepare a multiple-step income statement for the period ended January 31, 2018 ACME FIREWORKS Income Statement For the year ended January 31, 2018 Sales revenue S 283,100 154,300 Cost of goods sold $128,800 Gross proft Bad debt expense Salaries expense Depreciation expense S 11,160 52,100 525 63,785 65,015 255 64,760 13,100 $51,660 Total operating expenses Operating income Interest expense Income before taxes Income tax expense Net income 5. Prepare a classified balance sheet as of January 31, 2018. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Balance Sheet January 31, 2018 Assets Liabilities Cash Accounts receivable Less: Allowance for uncollectible accounts $ 85,600 255 13,100 5,100 S 25,800 Accounts payable S 186,000 nterest payable (10,560)175,440 ncome tax payable ntory 13,800 Deferred revenue Total current assets 104,055 51,000 155,055 215,040Total current liabilities tes payable Total liabilities Stockholders' Equity 47,000 Common stock 36,000 quipment 6,000 Retained earnings 84,860 ess: Accumulated Depreciation 120,860 275,915 Total liabilities and stockholders' equity275,915 (2,125) Total stockholders' equity Total assets 7. Analyze the following for ACME Fireworks Requirement 1 a-1. Calculate the current ratio at the end of January Answer is complete but not entirely correct. Current Ratio Choosc Numerator Choose Current Ratio nator Current assetsCurrent liabilities Current Ratio 225,600 93,800 2.41 a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? more liquid less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January. Answer is complete but not entirely correct. Acid-test Ratio Choose Acid-test Ratio Acid-test Ratio Choose Quick assetsC Current liabilities 212,400+S 96,860 2.19 b-2. 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)? Quick assetsC Current liabilities Acid-test Ratio 212,400+S 96,860 2.19 b-2. 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)? more likely less likely Requirement 3: c-1. Assume the notes payable were due on April 1, 2018, rather than April 1, 2019. Calculate the revised current ratio at the end of January. Answer is complete but not entirely correct. Current Ratio Choose Choose Current Ratio Current assetsCurrent liabilitiesrent Ratio 225,400+ 44,8001 1.56 imes c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Decrease the current ratic Increase the current ratic Remain unchanged