the following information applies to the questions displayed below.) n January 1, 2021, the general ledger of ACME Fireworks includes the llowing account balances: Credit Debit $ 27,000 50,000 $ 6,100 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6 due April 1, 2022) Common Stock Retained Earnings Totals 21,900 65,000 24,500 3,400 30, 400 69,000 54,000 25,500 $ 188, 400 $ 188,400 During January 2021, the following transactions occur January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date: January 6 Purchase additional Inventory on account, 3166,000. 47 90 January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold is $83,300. January 23 Receive $127,300 from customers on accounts receivable. 125.500 January 25 Pay $109,000 to inventory suppliers on accounts payable. 91.00 Tanuary 28 Write off accounts receivable as uncollectible, $6,700. Fanuary 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,000 on account. The cost of the units sold is $89.000. anuary 31 Pay cash for monthly salaries, $53,900. Check my .f7 Credit S ok ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash 27,000 Accounts Receivable 50,000 Equipment Allowance lor Unco 24,600 Accounts Payable Ingendary Notes Payable land Equipment Accumulated Deprection Acct Pauable Deffered Revenue Intrest Payad aces 30.400 69,000 Totals $ 99,400 101,500 $ 028 07 77 2020 QC CS-205776 2 Check my work January 28 Write off accounts receivable as uncollectible, $6,700. January 30 Firework sales for the second half of the month total $162,000. Sales include $10,000 for cash and $152,80e on account. The cost of the units sold is $89,eee. January 31 Pay cash for monthly salaries, $53,900. 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ces ACME FIREWORKS Income Statement For the year ended January 31, 2021 Service Revenue SR Cost of Goods Sold Gross Profit $ Depreciation Expense Salaries Payable Bad Debts Expres 0 0 Total operating expenses Operating Income Istest Expens 0 0 $ LA lax Expense 07 70 7019 QC CS-163358 18/2021 Worksheettable ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less: Allowance for Uncollectible Accounts D Total Current Assets 0 Total Current Labs Tomato Stockholders' Equity 0 Total Stockholders' Equity Total Labtes and Stockholders' Equity 5 5 Total Assets View transaction lit Wort Journal entry worksheet