Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 sold gift carda totaling $12,000. The cards are redeenable for narchandise within one year of the purchane date. January 6 Purchnne additional inventory on account, 3167,000. Acra uses the perpetual inventory ayetes. January is Firevork sales for the first half of the month total $155,000. All of thene salen are on account, The cont of the units a0ld is $83,800. January 23 Receive $127,400 fron cuatomers on account recelvable. January 25 pay $110,000 to inventory suppliers on accountn payable. January 28 write off accounts recelvable as uncollectible, $6,300. January 10 Firevork nales for the necond balf of the nonth total 5163,000 . Salea include 517,000 for cash and 5146,000 on aceount. The cont of the units no1d is 589,500 . Janvaty 31 pay eauh for monthly nalarien, \$54,000. 7. Analyze the following for ACME Fireworks 7. Analyze the following for ACME Fireworks Requirement 1: a.1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the current ratio at the end of January. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. If the average current ratio for the industry is 1.8, is ACME Fireworks more or less llquid than the industry average? If the average curtent ratio for the incustry is 1.80, is ACME Fireworks more or less liquid than the industry averago? 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January, c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? If the average acid-test ratio for the industry is 1.5, is ACME Fireworks more of less likety to haye difficuity paying is currently maturing debts (compared to the industry average)? 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. 7. Analyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.80, is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3 : c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Indicato whether the revised ratio would increaso, decrease, of remain unchanged