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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: Credit Debit $ 25,500 47,000 $ 4,600 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 20,400 50,000 17,000 1,900 28,900 54,000 39,000 31,500 $ 159,900 $159,900 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $151,000. January 15 Firework sales for the first half of the month total $139,000. All of these sales are on account. The cost of the units sold is $75,800. January 23 Receive $125,800 from customers on accounts receivable. January 25 Pay $94,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,200. January 30 Firework sales for the second half of the month total $147,000. Sales include $12,000 for cash and $135,000 on account. The cost of the units sold is $81,500. January 31 Pay cash for monthly salaries, $52,400. 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.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts Total Current Assets Total Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets

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