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: Credit Debit $ 26,700 49,400 $ 5,90 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals 21,600 62.000 23,000 3,182 30.102 66,00 51,000 26,700 $182,700 $182,720 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $163,000. January 15 Firework sales for the first half of the month total $151,200. All of these sales are on account. The cost of the units sold is $81,900. January 23 Receive $127,ese from customers on accounts receivable. January 25 Pay $105,62e to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,400. January 38 Firework sales for the second half of the month total $159,602. Sales include $13,000 for cash and $145.000 on account. The cost of the units sold is $87,500. January 31 Pay cash for monthly salaries, $53,62e. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. ACME FIREWORKS Classified Balance Sheet January 31, 2021 Llabilities S 18,300 Accounts Payable s 213,000 Deferred Revenue (13,900) 199, 100 Interest Payable 15,300 Income Tax Payable Asseta Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory lolo s 87.100 6.600 330 ON 14.600 Total Current Assets o 106.630 66.000 174,630 232,700 Total Current Liabilities Notes Payable Total Liabilities stockholders' Equity 62,000 Common Stock 23,000 Retained Earnings (3,850) Land Equipment Accumulated Depreciation OOO olol 51,000 88 220 X 139220 Total Stockholders' Equity Total Liabilities and Stockholders Equity Total Assets 313,850 $ 313,850