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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account

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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,300 Accounts Receivable 48,600 Allowance for Uncollectible Accounts $ 5,400 Inventory 21,200 Land 58,888 Equipment 21,000 Accumulated Depreciation 2,700 Accounts Payable 29,700 Notes Payable (64, due April 1, 2022) 62,000 Common Stock 47,000 Retained Earnings 28,300 Totals $175, 100 $175, 100 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,400. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $159,000. January 15 Firework sales for the first half of the month total $147,000. All of these sales are on account. The cost of the units sold is $79,800. January 23 Receive $126,600 from customers on accounts receivable. January 25 Pay $102,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,000. January 30 Firework sales for the second half of the month total $155,000. Sales include $11,000 for cash and $144,000 on account. The cost of the units sold is $85,500. January 31 Pay cash for monthly salaries, $53,200. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be educted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash $ 18,500 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amour deducted should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash $ 18,500 $ 207,600 Less: Allowance for Uncollectible Accounts 14,900 222,500 Total Current Assets 241,000 Total Current Liabilities 0 0 Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' $ 241,000 Equity Total Assets $ 0

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