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Exercise $8-19($Algo$)$ Complete the accounting cycle $($LO$8-1,8-2,8-4,8-6)$

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On January $1,2024,$ the general ledger of ACME Fireworks includes the following account balances:

Accounts Debit Credit

Cash $$25,800$

Accounts Receivable $47,600$

Allowance for Uncollectible Accounts $$4,900$

Inventory $20,700$

Land $53,000$

Equipment $18,500$

Accumulated Depreciation $2,200$

Accounts Payable $29,200$

Notes Payable $(6\%,$ due April $1,2025)57,000$

Common Stock $42,000$

Retained Earnings $30,300$

Totals $$165,600$ $$165,600$

During January $2024,$ the following transactions occur:

January $2$ Sold gift cards totaling $$9,400.$ The cards are redeemable for merchandise within one year of the purchase date.

January $6$ Purchase additional inventory on account, $$154,000.$ ACME uses the perpetual inventory system.

January $15$ Firework sales for the first half of the month total $$142,000.$ All of these sales are on account. The cost of the units sold is $$77,300.$

January $23$ Receive $$126,100$ from customers on accounts receivable.

January $25$ Pay $$97,000$ to inventory suppliers on accounts payable.

January $28$ Write off accounts receivable as uncollectible, $$5,500.$

January $30$ Firework sales for the second half of the month total $$150,000.$ Sales include $$15,000$ for cash and $$135,000$ on account. The cost of the units sold is $$83,000.$

January $31$ Pay cash for monthly salaries, $$52,700.$

Exercise $8-19($Algo$)$ Part $4$

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.$