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. 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 $11,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $164,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. 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 $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). The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Analyze the following for ACME Fireworks: a) Calculate the current ratio at the end of January. If the average current ratio for the industry is 1.80 , is ACME Fireworks more c ss liquid than the industry average? he current ratio is: the company more or less liquid than the industry average? ) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the industry is .50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry verage)? ) Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of anuary, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). repare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" n the first account field.) Journal entry worksheet Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Iger Account 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. 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 $11,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $164,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $152,000. All of these sales are on account. The cost of the units sold is $82,300. January 23 Receive $127,100 from customers on accounts receivable. January 25 Pay $107,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,500. January 30 Firework sales for the second half of the month total $160,000. Sales include $11,000 for cash and $149,000 on account. The cost of the units sold is $88,000. January 31 Pay cash for monthly salaries, $53,700. 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 $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). The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Analyze the following for ACME Fireworks: a) Calculate the current ratio at the end of January. If the average current ratio for the industry is 1.80 , is ACME Fireworks more c ss liquid than the industry average? he current ratio is: the company more or less liquid than the industry average? ) Calculate the acid-test ratio at the end of January. If the average acid-test ratio for the industry is .50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry verage)? ) Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of anuary, and indicate whether the revised ratio would increase, decrease, or remain unchanged compared to your answer in (a). repare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" n the first account field.) Journal entry worksheet Record sale of gift cards totaling $11,400. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Iger Account