Required Information [The following informotion opplies to the questions disployed below] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following trensoctions occur. January 2 sold gift cards totaling $11,68. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eee. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the nonth total \$153, eeB. A11 of these sales are on account. The cost of the units sold is $82,800. January 23 Receive $127, 200 fron customers on accounts reccivable. January 25 Pay \$188, eae to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6be. January 30 Firework sales for the sccond half of the month total \$161,eee. Salcs include \$18, eae for cash and \$143, eee on sccount. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, $53,89. 4. Prepore a multiple-step income statement for the period ended Jonuary 31, 2024. Required Information [The following informotion opplies to the questions disployed below.] On Jonusry 1, 2024, the general ledger of ACME Fireworks includes the following occount bolsnces: During Jonuary 2024, the following transactions occur: January 2 Sold gift cards totaling \$11,6ee. The cards are redecmable for menchandisc within one year of the purchasc date. January 6 Purchase additional inventory on account, \$165, eev. AcME uses the perpetual inventory systen. January 15 Fircwork sales for the first half of the nonth total $153, eev. Al1 of these sales are on account. The cost. of the units sold is $82,880. January 23 Receive $127,208 from customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts receivable as uncollectible, \$6, 6ea. January 3 e Fircwork sales for the sccond half of the month total \$161, eee. 5ales include \$18, eae for cash and \$143, eee on account. The cost of the units sold is $83,5e. January 31 Pay cash for nonthly salaries, \$53, 89e. 5. Prepore a classified balonce sheet as of Jonuary 31, 2024. (Enter the asset accounts In order of liquidity. Amounts to be deducted should be Indicated with a minus sign.) Required Information [The following informotion opplies to the questions disployed below.] On Jonusry 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following transactions occur. January 2 sold gift cards totaling $11,68. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eee. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the nonth total \$153, eeB. Al1 of these sales are on account. The cost of the units sold is $82,880. January 23 Receive \$127, 290 fron customers on accounts reccivable. January 25 Pay \$1es, eae to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6ea. January 30 Fircwork sales for the sccond half of the month total \$161, eee. Sales include \$18, eae for cash and \$143, eee on sccount. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, $53,890. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the first account field.) Required Information [The following informotion opplies to the questions disployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following account bolsnces: During Jonusry 2024, the following trensoctions occur: January 2 sold gift cards totaling \$11,6ee. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8ge. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Writc off accounts reccivable as uncollectible, $6,6ea. on account. The cost of the units sold is $88,5e. January 31 Pay cash for nonthly salaries, \$53,890. 7. Anslyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio st the end of Janusry. a-2. If the overoge current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry oversge? Requirement 2: b-1. Colculate the acid-test ratio st the end of Jonusry. b-2. If the overege scid-test rotio for the industry is 1.50, is ACME Fireworks more or less likely to hove difficulty poying its currently maturing debts (compared to the industry overege)? Requirement 3: c-1. Assume the notes poyoble were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio st the end of Jonuory. c-2 Indicate whether the revised ratio would incresse, decresse, or remain unchanged. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the current ratio at the end of January. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. \( \Varangle \) Answer is complete but not entirely cor Complete this question by entering your answers in the tabs below. Required Information [The following informotion opplies to the questions disployed below] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following trensoctions occur. January 2 sold gift cards totaling $11,68. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eee. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the nonth total \$153, eeB. A11 of these sales are on account. The cost of the units sold is $82,800. January 23 Receive $127, 200 fron customers on accounts reccivable. January 25 Pay \$188, eae to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6be. January 30 Firework sales for the sccond half of the month total \$161,eee. Salcs include \$18, eae for cash and \$143, eee on sccount. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, $53,89. 4. Prepore a multiple-step income statement for the period ended Jonuary 31, 2024. Required Information [The following informotion opplies to the questions disployed below.] On Jonusry 1, 2024, the general ledger of ACME Fireworks includes the following occount bolsnces: During Jonuary 2024, the following transactions occur: January 2 Sold gift cards totaling \$11,6ee. The cards are redecmable for menchandisc within one year of the purchasc date. January 6 Purchase additional inventory on account, \$165, eev. AcME uses the perpetual inventory systen. January 15 Fircwork sales for the first half of the nonth total $153, eev. Al1 of these sales are on account. The cost. of the units sold is $82,880. January 23 Receive $127,208 from customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts receivable as uncollectible, \$6, 6ea. January 3 e Fircwork sales for the sccond half of the month total \$161, eee. 5ales include \$18, eae for cash and \$143, eee on account. The cost of the units sold is $83,5e. January 31 Pay cash for nonthly salaries, \$53, 89e. 5. Prepore a classified balonce sheet as of Jonuary 31, 2024. (Enter the asset accounts In order of liquidity. Amounts to be deducted should be Indicated with a minus sign.) Required Information [The following informotion opplies to the questions disployed below.] On Jonusry 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following transactions occur. January 2 sold gift cards totaling $11,68. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eee. ACME uses the perpetual inventory systen. January 15 Firework sales for the first half of the nonth total \$153, eeB. Al1 of these sales are on account. The cost of the units sold is $82,880. January 23 Receive \$127, 290 fron customers on accounts reccivable. January 25 Pay \$1es, eae to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6ea. January 30 Fircwork sales for the sccond half of the month total \$161, eee. Sales include \$18, eae for cash and \$143, eee on sccount. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, $53,890. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the first account field.) Required Information [The following informotion opplies to the questions disployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following account bolsnces: During Jonusry 2024, the following trensoctions occur: January 2 sold gift cards totaling \$11,6ee. The cards are redecmable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8ge. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Writc off accounts reccivable as uncollectible, $6,6ea. on account. The cost of the units sold is $88,5e. January 31 Pay cash for nonthly salaries, \$53,890. 7. Anslyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio st the end of Janusry. a-2. If the overoge current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry oversge? Requirement 2: b-1. Colculate the acid-test ratio st the end of Jonusry. b-2. If the overege scid-test rotio for the industry is 1.50, is ACME Fireworks more or less likely to hove difficulty poying its currently maturing debts (compared to the industry overege)? Requirement 3: c-1. Assume the notes poyoble were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio st the end of Jonuory. c-2 Indicate whether the revised ratio would incresse, decresse, or remain unchanged. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the current ratio at the end of January. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. \( \Varangle \) Answer is complete but not entirely cor Complete this question by entering your answers in the tabs below