Required information Exercise 8 18 Complete the accounting cycle (LO8 1, 8 2, 8 4, 8 6) Skip to question The following information applies to the questions displayed below On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances Accounts Debit Credit Cash $ 26,700 Accounts Receivable 49,400 Allowance for Uncollectible Accounts $ 5,800 Inventory 21,600 Land 62,000 Equipment 23,000 Accumulated Depreciation 3,100 Accounts Payable 30,100 Notes Payable (6 , due April 1, 2022) 66,000 Common Stock 51,000 Retained Earnings 26,700 Totals $ 182,700 $ 182,700 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,200 The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $163,000 January 15 Firework sales for the first half of the month total $151,000 All of these sales are on account The cost of the units sold is $81,800 January 23 Receive $127,000 from customers on accounts receivable January 25 Pay $106,000 to inventory suppliers on accounts payable January 28 Write off accounts receivable as uncollectible, $6,400 January 30 Firework sales for the second half of the month total $159,000 Sales include $13,000 for cash and $146,000 on account The cost of the units sold is $87,500 January 31 Pay cash for monthly salaries, $53,600 Exercise 8 18 Part 4 4 Prepare a multiple step income statement for the period ended January 31, 2021 PLS FILL OUT THE CHART 4 Prepare a multiple step income statement for the period ended January 31, 2021 X Answer is not complete ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 182,700 X Cost of Goods Sold 169,300 Gross Profit $ 13,400 $ 53,600 Salaries Expense Depreciation Expense Bad Debt Expense 750 16,140 Total operating expenses Operating Income Interest Expense 70,490 (57,090) 330 Income Before Taxes (57,420) Income Tax Expense Net Income $ (57,420) 4 Prepare a multiple step income statement for the period ended January 31, 2021 X Answer is not complete ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 182,700 X Cost of Goods Sold 169,300 Gross Profit $ 13,400 $ 53,600 Salaries Expense Depreciation Expense Bad Debt Expense 750 16,140 Total operating expenses Operating Income Interest Expense 70,490 (57,090) 330 Income Before Taxes (57,420) Income Tax Expense Net Income $ (57,420)

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Required information Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) Skip to question [The following information applies to the questions displayed below.] On

Required information

Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)

Skip to question

[The following information applies to the questions displayed below.]

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	26,700
Accounts Receivable		49,400
Allowance for Uncollectible Accounts			$	5,800
Inventory		21,600
Land		62,000
Equipment		23,000
Accumulated Depreciation				3,100
Accounts Payable				30,100
Notes Payable (6%, due April 1, 2022)				66,000
Common Stock				51,000
Retained Earnings				26,700
Totals	$	182,700	$	182,700

During January 2021, the following transactions occur:

January	2	Sold gift cards totaling $11,200. The cards are redeemable for merchandise within one year of the purchase date.
January	6	Purchase additional inventory on account, $163,000.
January	15	Firework sales for the first half of the month total $151,000. All of these sales are on account. The cost of the units sold is $81,800.
January	23	Receive $127,000 from customers on accounts receivable.
January	25	Pay $106,000 to inventory suppliers on accounts payable.
January	28	Write off accounts receivable as uncollectible, $6,400.
January	30	Firework sales for the second half of the month total $159,000. Sales include $13,000 for cash and $146,000 on account. The cost of the units sold is $87,500.
January	31	Pay cash for monthly salaries, $53,600.

Exercise 8-18 Part 4

4. Prepare a multiple-step income statement for the period ended January 31, 2021.

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PLS FILL OUT THE CHART

4. Prepare a multiple-step income statement for the period ended January 31, 2021. X Answer is not complete. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 182,700 X Cost of Goods Sold 169,300 Gross Profit $ 13,400 $ 53,600 Salaries Expense Depreciation Expense Bad Debt Expense 750 16,140 Total operating expenses Operating Income Interest Expense 70,490 (57,090) 330 Income Before Taxes (57,420) Income Tax Expense Net Income $ (57,420) 4. Prepare a multiple-step income statement for the period ended January 31, 2021. X Answer is not complete. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 182,700 X Cost of Goods Sold 169,300 Gross Profit $ 13,400 $ 53,600 Salaries Expense Depreciation Expense Bad Debt Expense 750 16,140 Total operating expenses Operating Income Interest Expense 70,490 (57,090) 330 Income Before Taxes (57,420) Income Tax Expense Net Income $ (57,420)