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

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

Accounts Debit Credit

Cash $ $12,600$

Accounts Receivable $36,800$

Allowance for Uncollectible Accounts $ $3,200$

Inventory $153,400$

Land $81,300$

Buildings $134,000$

Accumulated Depreciation $11,000$

Accounts Payable $33,100$

Common Stock $214,000$

Retained Earnings $156,800$

Totals $ $418,100$ $ $418,100$

During January $2024,$ the following transactions occur:

January $1$ Borrow $$114,000$ from Captive Credit Corporation. The installment note bears interest at $5\%$ annually and matures in $5$ years. Payments of $$2,151$ are required at the end of each month for $60$ months.

January $4$ Receive $$32,400$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$25,000.$

January $15$ Pay cash for salaries, $$30,300.$

January $30$ Firework sales for the month total $$201,400.$ The cost of the units sold is $$119,500.$

January $31$ Pay the first monthly installment of $$2,151$ related to the $$114,000$ borrowed on January $1.$

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.($Do not round intermediate calculations.$)$Required information

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

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

During January $2024,$ the following transactions occur:

January $1$ Borrow $$114,000$ from Captive Credit Corporation. The installment note bears interest at $5\%$

annually and matures in $5$ years. Payments of $$2,151$ are required at the end of each month for $60$

months.

January $4$ Receive $$32,400$ from customers on accounts receivable.

January $10$ Pay cash on accounts payable, $$25,000.$

January $15$ Pay cash for salaries, $$30,300.$

January $30$ Firework sales for the month total $$201,400.$ The cost of the units sold is $$119,500.$

January $31$ Pay the first monthly installment of $$2,151$ related to the $$114,000$ borrowed on January $1.$

Prepare a multiple$-$step income statement for the period ended January $31,2024.($Do not round intermediate calculations.$)$

FREEDOM FIREWORKS

Multiple$-$Step Income Statement

For the Month Ended January $31,2024$