Return to question On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit points Debit $ 12,200 36,000 153,000 77, 300 130,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2.800 10.600 28,700 210,000 156, 400 $408,500 $488,500 During January 2021, the following transactions occur: January 1 Borrow $110,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,127 are required at the end of each month for 60 months. January 4 Receive $32,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $21,000. January 15 Pay cash for salaries, $29,900. January 30 Firework sales for the month total $200,600. Sales include $66,000 for cash and $134,600 on account. The cost of the units sold is $117,500. January 31 Pay the first monthly installment of $2,127 related to the $110,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2021 EU Return to question The following information is available on January 31, 2021. 15 points a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,000. b. The company estimates future uncollectible accounts. The company determines $4,000 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Unpaid salaries at the end of January are $27100. d. Accrued income taxes at the end of January are $9,000. e. $19,546 of the long-term note payable balance will be paid over the next year. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 O 200,600 Sales revenue Return to question Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted" from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. points $ 83,100 Adjusted Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Sales revenue 200,600 Cost of goods sold (117,500) Gross profit Salaries expense 57,000 interest expense 550 Depreciation expense 875 Bad debt expense 1,892 Income tax expense 9.000 Total operating expenses Operating income 69,317 13,783 Income after taxes 13,783 $ 13,783 T alanse Balance Shoot Return to question On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit points Debit $ 12,200 36,000 153,000 77, 300 130,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2.800 10.600 28,700 210,000 156, 400 $408,500 $488,500 During January 2021, the following transactions occur: January 1 Borrow $110,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,127 are required at the end of each month for 60 months. January 4 Receive $32,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $21,000. January 15 Pay cash for salaries, $29,900. January 30 Firework sales for the month total $200,600. Sales include $66,000 for cash and $134,600 on account. The cost of the units sold is $117,500. January 31 Pay the first monthly installment of $2,127 related to the $110,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2021 EU Return to question The following information is available on January 31, 2021. 15 points a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $25,000. b. The company estimates future uncollectible accounts. The company determines $4,000 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Unpaid salaries at the end of January are $27100. d. Accrued income taxes at the end of January are $9,000. e. $19,546 of the long-term note payable balance will be paid over the next year. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 O 200,600 Sales revenue Return to question Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted" from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. points $ 83,100 Adjusted Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Sales revenue 200,600 Cost of goods sold (117,500) Gross profit Salaries expense 57,000 interest expense 550 Depreciation expense 875 Bad debt expense 1,892 Income tax expense 9.000 Total operating expenses Operating income 69,317 13,783 Income after taxes 13,783 $ 13,783 T alanse Balance Shoot