Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 26, 200 48,400 $ 5,300 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 21,100 57,000 20,500 2,600 29,600 61,000 46,000 28,700 $173,200 $ 173,200 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $158,000. January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300. January 23 Receive $126,500 from customers on accounts receivable. January 25 Pay $101,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,900. January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000. January 31 Pay cash for monthly salaries, $53, 100. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash Accounts Receivable $ 199,000 $ 25,800 Accounts Payable Deferred Revenue 187,090 Interest Payable Income Tax Payable $ 86,600 6,100 305 Less: Allowance for Uncollectible Accounts (11,910) 14,100 Inventory Total Current Assets 14,800 227,690 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 107,105 61,000 168,105 Common Stock Retained Earnings Total Stockholders' Equity $ 224,415 Total Liabilities and Stockholders' Equity 46,000 87,810 133,810 $ 301,915 Total Assets Required information January 31, 2021 Assets Liabilities Cash $ 25,800 $ 86,600 $ 199,000 Accounts Payable Deferred Revenue Accounts Receivable Less: Allowance for Uncollectible Accounts 6.100 (11,910) 187,090 Interest Payable 305 Income Tax Payable 14,100 Inventory Total Current Assets 14,800 227,690 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 107,105 61,000 168,105 Land x 46,000 Equipment Accumulated Depreciation x 57,000 X 20,500 X Common Stock (3,275) X Retained Earnings Total Stockholders' Equity $ Total Liabilities and Stockholders' 301,915 Equity 87,810 133,810 Total Assets $ 301.915

Question

Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 26, 200 48,400 $ 5,300 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 21,100 57,000 20,500 2,600 29,600 61,000 46,000 28,700 $173,200 $ 173,200 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $158,000. January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300. January 23 Receive $126,500 from customers on accounts receivable. January 25 Pay $101,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,900. January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000. January 31 Pay cash for monthly salaries, $53, 100. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash Accounts Receivable $ 199,000 $ 25,800 Accounts Payable Deferred Revenue 187,090 Interest Payable Income Tax Payable $ 86,600 6,100 305 Less: Allowance for Uncollectible Accounts (11,910) 14,100 Inventory Total Current Assets 14,800 227,690 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 107,105 61,000 168,105 Common Stock Retained Earnings Total Stockholders' Equity $ 224,415 Total Liabilities and Stockholders' Equity 46,000 87,810 133,810 $ 301,915 Total Assets Required information January 31, 2021 Assets Liabilities Cash $ 25,800 $ 86,600 $ 199,000 Accounts Payable Deferred Revenue Accounts Receivable Less: Allowance for Uncollectible Accounts 6.100 (11,910) 187,090 Interest Payable 305 Income Tax Payable 14,100 Inventory Total Current Assets 14,800 227,690 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 107,105 61,000 168,105 Land x 46,000 Equipment Accumulated Depreciation x 57,000 X 20,500 X Common Stock (3,275) X Retained Earnings Total Stockholders' Equity $ Total Liabilities and Stockholders' 301,915 Equity 87,810 133,810 Total Assets $ 301.915