Required information [The foiiowing information apoiies to the questions dismayed below] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 26,188 Accounts Receivable 48,288 Allowance for Uncollectible Accounts 5 5,288 Inventory 21,888 Land 56,888 Equipment 28,888 Accumulated Depreciation 2,588 Accounts Payable 29,588 Notes Payable (6%, due April 1, Year 2) 58,888 Common Stock 45,888 Retained Earnings 29,188 Totals $1?1,388 $171, 386 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $18,888. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $15i,888. January 15 The comapany sales for the first half of the month total $145,888. All of these sales are on account. The cost of the units sold is $?8,888. January 23 Receive $126,488 from customers on accounts receivable. January 25 Pay $188,888 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,888. January 38 The comapany sales for the second half of the month total $153,888. Sales include $16,888 for cash and $13?,888 on account. The cost of the units sold is $84,588. January 31 Pay cash for monthly salaries, $53,888. 3. Prepare an adjusted trial balance as of January 31, Year 1. 9 Answer is complete and correct. Cash Cost of Goods Sold :5 25,500 a 153,300 a 193,000 0 Accounts Receivable Allowance for Uncollectible ACCOUNTS Inventory Land Equipment Salaries Expense Bad Debt Expense Intere st Expe nse Income Tax Expense Depreciation Expense ACCU in U Iated Depreciation Income Tax Payable Interest Payable Accounts Payable Notes Payable Common Stock Deferred Revenue 302,000 a 29,100 0 Totals $ 558,430 $ 559,438 Sales REVENUE! Retained Earnings Required information [The ioiiowing information appiies to the questions dispiayed below] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 26, 199 Accounts Receivable 48,266 Allowance for Uncollectible Accounts $ 5,266 Inventory 21,866 Land 56,888 Equipment 28,866 Accumulated Depreciation 2,566 Accounts Payable 29,566 Notes Payable (6%, due April 1, Year 2) 68,866 Common Stock 45,866 Retained Earnings 29,166 Totals $1?1,366 $1?1,366 During January Year 1, the following transactions occur: purchase date. January 6 Purchase additional inventory on account, $15T,886. account. The cost of the units sold is $28,868. January 23 Receive $126,466 from customers on accounts receivable. January 25 Pay $166,888 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,888. and $132,888 on account. The cost of the units sold is $84,588. January 31 Pay cash for monthly salaries, $53,666. 4. Prepare a multiplestep income statement for the period ended January 31, Year 1. 9 Answer is complete and correct. Sales Revenue 0 $ 382,888 0 Cost of Goods Sold 0 163,380 0 Gross Prot 0 $ 138,?88 Salaries Expense o $ 53,888 a Bad Debt Expense o 13 988 o Depreciation Expense o 658 a Total operating expenees 6?,638 Operating Income I ma rest Expense Income BETDIE Taxes II'ICO me Tax Expense Net \"160 me 66900 :3 -.4 3 January 2 Sold gift cards totaling $16,668. The cards are redeemable for merchandise within one year of the January 15 The comapany sales for the first half of the month total $145,866. All of these sales are on January 36 The comapany sales for the second half of the month total $153,666. Sales include $16,666 for cash 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: Accounts Debit Credit Cash $ 26, 100 Accounts Receivable 48, 200 Allowance for Uncollectible Accounts $ 5,200 Inventory 21, 000 Land 56,000 Equipment 20, 000 Accumulated Depreciation 2,500 Accounts Payable 29 , 500 Notes Payable (6%, due April 1, Year 2) 000 '09 Common Stock 45,000 Retained Earnings 29, 100 Totals $171, 300 $171, 300 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,060. January 15 The comapany sales for the first half of the month total $145,000. All of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126, 400 from customers on accounts receivable. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 The comapany sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000 on account. The cost of the units sold is $84, 500. January 31 Pay cash for monthly salaries, $53,090. 6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 January 31 Deferred Revenue 6,000 Sales Revenue 302,000 Retained Earnings 308,000 2 January 31 Retained Earnings 81,280 Salaries Expense 53,000 Bad Debt Expense 13,980 Interest Expense 300 Income Tax Expense 14,0007. Analyze the following for the company Requirement 1: a-1. Calculate the current ratio at the end of January. Current Ratio Choose Numerator + Choose Denominator = Current Ratio | 11 Current Ratio a-2. If the average current ratio for the industry is 1.80, is the company more or less liquid than the industry average? O More liquid O Less liquid Requirement 2: b-1. Calculate the acid-test ratio at the end of January. Acid-test Ratio Choose Numerator + Choose Denominator = Acid-test Ratio Acid-test Ratio b-2. If the average acid-test ratio for the industry is 1.50, is the company more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? O More likely O Less likely Requirement 3: c-1. Assume the notes payable were due on April 1, Year 1, rather than April 1, Year 2. Calculate the revised current ratio at the end of January. Current Ratio Choose Numerator + Choose Denominator = Current Ratio + = Current Ratio timesRequired information [The foiiowing information appiies to the questions dispiayed below] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,139 Accounts Receivable 48,288 Allowance for Uncollectible Accounts $ 5,288 Inventory 21,888 Land 56,888 Equipment 28,888 Accumulated Depreciation 2,588 Accounts Payable 29,588 Notes Payable (6%, due April 1, Year 2) 68,888 Common Stock 45,888 Retained Earnings 29,188 Totals $171,388 $1?1,388 During January Year 1, the following transactions occur: January 2 501d gift cards totaling $18,888. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,888. January 15 The comapany sales for the first half of the month total $145,888. All of these sales are on account. The cost of the units sold is $i8,888. January 23 Receive $126,488 from customers on accounts receivable. January 25 Pay $188,888 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,888. January 38 The comapany sales for the second half of the month total $153,888. Sales include $16,888 {or cash and $132,888 on account. The cost of the units sold is $84,588. January 31 Pay cash for monthly salaries, $53,888. 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.) \" _- -- -- _- _-- Total Current Assets 26,628 Total Current Liabilities 1 86,688 Notes Payable 68,888 TowiLmbHMBs 166688 stockholders Equityr Equipment _ 28, 888 Retained Earnings TotalAssets $ 102,828 ToialLiabilities and Stockholders Equity $ 211,800