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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 bolances: During January 2021, the following transactions occur: Januaxy 2 sold gift eards totaling $10,200. The eards are redeenable for merehandise within one year of the purchase date. January 6 Purchage additional inventory on account, $158,000. January 15 Firework ales for tho firet half of the month total $146,000. N11 of these aaled are on acoount. The cost of the unita pold id $79,300. January 23 Recelve $126,500 froth eustomers on accountn recolvable. January 25 Pay $101,000 to inyentory suppllers on accounta payable. January 28 Write off accounts receivable as uncollectible, $5,900. January 30 Flrework saled for tho socond half of the month total $154,000. Salea include $17,000 for cash and $137,000 on aceount. The cont of the unita nold 1e $85,000. Jonuary 31 Pay eash for monthly salaries, $53,100. 4. Prepare a multiple-step income statement for the period ended January 31,2021
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