Required information Skip to question [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 26,500 Accounts Receivable 49,000 Allowance for Uncollectible Accounts $ 5,600 Inventory 21,400 Land 60,000 Equipment 22,000 Accumulated Depreciation 2,900 Accounts Payable 29,900 Notes Payable (6%, due April 1, Year 2) 64,000 Common Stock 49,000 Retained Earnings 27,500 Totals $ 178,900 $ 178,900 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. January 15 The comapany sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,200. January 30 The comapany sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. 5. Prepare a classified balance sheet as of January 31, Year 1. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

Required information [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 26,500 49,000 $ 5,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings Totals 21,400 60,000 22,000 2,900 29,900 64,000 49,000 27,500 $178,900 $178,900 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. January 15 The comapany sales for the first half of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,200. January 30 The comapany sales for the second half of the month total $157,000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. 5. Prepare a classified balance sheet as of January 31, Year 1. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) Classified Balance Sheet January 31, Year 1 Assets Liabilities Less: Allowance for Uncollectible Accounts 0 Total Current Assets 0 Total Current Liabilities 0 Total Liabilities o Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 0