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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
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 Credit Debit $ 26, see 49, ese $ 5,620 21,420 se.ee 22.00 Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) Common Stock Retained Earnings Totals 2,980 29,90 64, Bee 49, ese 27, see $178,920 $178.990 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,see. The cards are redeemable for merchandise within one year of the purchase January 6 Purchase additional inventory on account, $161, e. January 15 Firework sales for the first half of the month total $149, eee. All of these sales are on account. The cost of the units sold is $80, see. January 23 Receive $126,from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,28e. 38 Firework sales for the second half of the month total $157,290. Sales include $15,Bee for cash and $142, Bee on account. The cost of the units sold is $86, see. January 31 Pay cash for monthly salaries, $53,400. 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 A Beete Llabilities Less: Allowance for Uncollectible Accounts of Total Current Assets 0 Total Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets S o l S
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