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 $ 25,400 Accounts Receivable 46,800 Allowance for Uncollectible Accounts $ 4,500 Inventory 20,300 Land 49,000 Equipment 16,500 Accumulated Depreciation 1,800 Accounts Payable 28,800 Notes Payable (6%, due April 53,000 1, 2022) Common Stock 38,000 Retained Earnings 31,900 Totals $158,000 $158,000 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,600. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $150,000. January 15 Firework sales for the first half of the month total $138,000. All of these sales are on account. The cost of the units sold is $75,300. January 23 Receive $125,700 from customers on accounts receivable. January 25 Pay $93,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,100. January 30 Firework sales for the second half of the month total $146,000. Sales include $18,000 for cash and $128,000 on account. The cost of the units sold is $81,000. January 31 Pay cash for monthly salaries, $52,300. 4. Prepare a multiple-step income statement for the period ended January 31, 2021. Answer is not complete. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 287.300 Cost of Goods Sold 158,300 Gross Profit S 131.000 Interest Expense X $ 265 x Depreciation Expense 550 Salaries Expense 52.300 Bad Debt Expense 13,200 Income Tax Expense 13.300 x Total operating expenses 79,615 Operating Income 51,385 Interest Revenue x Income Before Taxes 51,385 > Net Income IS 51,385