required A, B, C

nowing information applies to the questions displayed below.) On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $26,500 49,000 $5,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals 21,400 69,000 22,800 2,900 29,900 64,000 49,000 27,500 $178,900 $178,900 During January 2024, the following transactions occur January 2 Sold gift cards totaling $10,880. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,200. January 30 Firework sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. Requirement 1: a-1. Calculate the current ratio at the end of January a-2. If the average current ratio for the industry is 180, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January 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)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B1 Req B2 Req C1 Reg C2 Calculate the current ratio at the end of January Current Ratio Choose Numerator Choose Denominator Current Assets Current Liabilities Current Ratio Current Ratio ROAD Reg A2 > c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Req B1 Reg B2 ReqC1 Req C2 If the average current ratio for the industry is 1.8, is ACME Fireworks more or less liquid than the industry average? If the average current ratio for the industry is 1.80, Is ACME Fireworks more or less liquid than the industry average? unchanged. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Req C1 Req C2 Calculate the acid-test ratio at the end of January. Choose Numerator Acid-Test Ratio Choose Denominator Current Liabilities Quick Assets Acid-Test Ratio Acid-Test Ratio 11 0 a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January 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)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 ReqC1 Req c2 If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? ( Req B1 ReqC1 > c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Req B1 Reg B2 ReqC1 Reg C2 Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January Current Ratio Choose Denominator Current Liabilities Choose Numerator Current Assets Current Ratio Current Ratio maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Reg C2 Reg A1 Reg A2 Req B1 Reg B2 ReqC1 Indicate whether the revised ratio would increase, decrease, or remain unchanged. Indicate whether the revised ratio would increase, decrease, or remain unchanged.