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On January 1,2024 , the general ledger of ACME Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $150,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300. January 23 Receive $125,700 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. January 31 Pay cash for monthly salaries, $52,300. The following information is available on January 31. 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 $3,300 and a two-year service life. b. The company records an adjusting entry for $13,200 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 $13,300. e. By the end of January, $3,300 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 1 Record sale of gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. 2 Record purchase of additional inventory on account, $150,000. 3 Record firework sales for the first half of the month totaling $138,000. All of these sales are on account. 4 Firework sales for the first half of the month total $138,000. The cost of the units sold is $75,300. Record the cost of the units sold. 5 Record receipt of $125,700 from customers on accounts receivable. Note : journal entry has been entered 6 Record payment of $93,000 to inventory suppliers on accounts payable. 7 Record write-off of accounts receivable as uncollectible, $5,100. 8 Record firework sales for the second half of the month totaling $146,000. Sales include $18,000 for cash and $128,000 on account. 9 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. Record the cost of the units sold. Note : = journal entry has been entered 10 Record payment of cash for monthly salaries, $52,300. 11 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 $3,300 and a two-year service life. Record the adjusting entry for depreciation. 12 The company records an adjusting entry for $13,200 for estimated future uncollectible accounts. 13 The company has accrued interest on notes payable for January. 14 The company has accrued income taxes at the end of Tanilary of \$13 30 n View transaction list 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 on your selection. 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-closing balances will appear for each account, based on your selection. Using the information from the requirements above, complete the 'Analysis' tab. (Calculate the ratios to the neare places.) On January 1,2024 , the general ledger of ACME Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $150,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300. January 23 Receive $125,700 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. January 31 Pay cash for monthly salaries, $52,300. The following information is available on January 31. 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 $3,300 and a two-year service life. b. The company records an adjusting entry for $13,200 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 $13,300. e. By the end of January, $3,300 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold). 1 Record sale of gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. 2 Record purchase of additional inventory on account, $150,000. 3 Record firework sales for the first half of the month totaling $138,000. All of these sales are on account. 4 Firework sales for the first half of the month total $138,000. The cost of the units sold is $75,300. Record the cost of the units sold. 5 Record receipt of $125,700 from customers on accounts receivable. Note : journal entry has been entered 6 Record payment of $93,000 to inventory suppliers on accounts payable. 7 Record write-off of accounts receivable as uncollectible, $5,100. 8 Record firework sales for the second half of the month totaling $146,000. Sales include $18,000 for cash and $128,000 on account. 9 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. Record the cost of the units sold. Note : = journal entry has been entered 10 Record payment of cash for monthly salaries, $52,300. 11 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 $3,300 and a two-year service life. Record the adjusting entry for depreciation. 12 The company records an adjusting entry for $13,200 for estimated future uncollectible accounts. 13 The company has accrued interest on notes payable for January. 14 The company has accrued income taxes at the end of Tanilary of \$13 30 n View transaction list 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 on your selection. 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-closing balances will appear for each account, based on your selection. Using the information from the requirements above, complete the 'Analysis' tab. (Calculate the ratios to the neare places.)
