Required information Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit Credit $25,100 Accounts Receivable Allowance for Uncollectible 46,200 Accounts $ 4,200 Inventory 20,000 Land 46,000 Equipment 15,000 Accumulated Depreciation 1,500 Accounts Payable 28,500 Notes Payable (6%, due April 1, 2022) 50,000 Common Stock 35,000 Retained Earnings 33,100 Totals $152,300 $152,300 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. ALL of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. Exercise 8-18 Part 7 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January Current Ratio Choose Numerator Current Assets Denominator Current Liabilities Choose Current Ratio Current Ratio