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Required information Skip to question On January 1 , 2 0 2 4 , the general ledger of Big Blast Fireworks includes the following account
Required information Skip to question On January the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ Accounts Receivable Allowance for Uncollectible Accounts $ Inventory Land Accounts Payable Notes Payable due in years Common Stock Retained Earnings Totals $ $ The $ beginning balance of inventory consists of units, each costing $ During January Big Blast Fireworks had the following inventory transactions: January Purchase units for $ on account $ each January Purchase units for $ on account $ each January Purchase units for $ on account $ each January Return of the units purchased on January because of defects. January Sell units on account for $ The cost of the units sold is determined using a FIFO perpetual inventory system. January Receive $ from customers on accounts receivable. January Pay $ to inventory suppliers on accounts payable. January Write off accounts receivable as uncollectible, $ January Pay cash for salaries during January, $ The following information is available on January At the end of January, the company estimates that the remaining units of inventory purchased on January are expected to sell in February for only $ each. Hint: Determine the number of units remaining from January after subtracting the units returned on January and the units assumed sold FIFO on January The company records an adjusting entry for $ for estimated future uncollectible accounts. The company accrues interest on notes payable for January. Interest is expected to be paid each December The company accrues income taxes at the end of January of $ Prepare a classified balance sheet as of January Amounts to be deducted should be indicated with a minus sign.
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On January the general ledger of Big Blast Fireworks includes the following account balances:
Accounts Debit Credit
Cash $
Accounts Receivable
Allowance for Uncollectible Accounts $
Inventory
Land
Accounts Payable
Notes Payable due in years
Common Stock
Retained Earnings
Totals $ $
The $ beginning balance of inventory consists of units, each costing $ During January Big Blast Fireworks had the following inventory transactions:
January Purchase units for $ on account $ each
January Purchase units for $ on account $ each
January Purchase units for $ on account $ each
January Return of the units purchased on January because of defects.
January Sell units on account for $ The cost of the units sold is determined using a FIFO perpetual inventory system.
January Receive $ from customers on accounts receivable.
January Pay $ to inventory suppliers on accounts payable.
January Write off accounts receivable as uncollectible, $
January Pay cash for salaries during January, $
The following information is available on January
At the end of January, the company estimates that the remaining units of inventory purchased on January are expected to sell in February for only $ each. Hint: Determine the number of units remaining from January after subtracting the units returned on January and the units assumed sold FIFO on January
The company records an adjusting entry for $ for estimated future uncollectible accounts.
The company accrues interest on notes payable for January. Interest is expected to be paid each December
The company accrues income taxes at the end of January of $
Prepare a classified balance sheet as of January Amounts to be deducted should be indicated with a minus sign.
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