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

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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 5

5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

PLS FILL OUT THE CHART

Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts 0 Total Current Assets 0 Total Current Liabilities 0 Total Liabilities 0 Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ O Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts 0 Total Current Assets 0 Total Current Liabilities 0 Total Liabilities 0 Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ O