(The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 26,500 49,000 $ 5,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2022) Common Stock Retained Earnings Totals 21,400 60,000 22,000 2,900 29,900 64,000 49,000 27.500 $ 178,900 $ 178,900 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. January 15 Firework sales for the first halt of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Weite oft accounts receivable as uncollectible, 56,200. January 30 Firework sales for the second half of the month total $153.000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. 3. Prepare an adjusted trial balance as of January 31, 2021. Credit ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash $ 21,700 Accounts Receivable 207.000 Inventory 15,100 Land 60,000 Equipment 22,000 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 167,300 Deferred Revenue Bad Debt Expense Salaries Expense 53,400 Notes Payable Allowance for Uncollectible Accounts Depreciation Expense Income Tax Payable Interest Expense Interest Payable Income Tax Expense Totals 546,500 $ 86.900 49,000 27,500 64,000 227,400 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 306,000 Cost of Goods Sold 167,300 Gross Profit $ Bad Debt Expense Salaries Expense 53,400 138,700 Depreciation Expense Total operating expenses Operating Income Interest Expense 53,400 85,300 85,300 Income Tax Expense Net Income $ 85,300 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 Liabilities $ 21,700 Accounts Payable $ 86.900 Assets Cash Accounts Receivable Loss Allowance for Uncollectible Accounts Inventory $ 207.000 207.000 15.100 Total Current Assets 243,800 Total Current Liabilities 88.900 35.000 Total Liabilities Stockholders' Equity 60,000 Common Stock 22,000 Retained Esminge Land Equipment Accumulated Depreciation 49.000 40,000 $ 135,000 Total Assets Total Stockholders' Equity Total Liabilities and stockholders' Equity $ 325,800 The following format pe to the questions displayed below on January 2021, the general ledger of ACME Fireworks includes the town accounts CIN Cash este Alfabeti Incestry 21.6 Land . And I Moe Yayali Note yaledril 1, 2011 Co to Makati . $110,00 Total During January 2021 the following transactions y diftcarde totalin 310.00. The case we triewe purchased Yhel vary.161 ,. FASE 15 Portrait halt et ot! 1343,000. Another the cost of the site 10.10. JAWAY 2 5126.00 Trio recebe BRY Ty 5104,00 to very plete pakte * We of law, 16,10). Ja 30 werk sale for the result of the 115.00. Bale de 500 for 110.000 tot 180.500. Say I Pay for my waris, 153,400 t. Record each of the transactions listed above. Of no entry is required for a particular transaction event, select "Ne mournal Entry Required in the first account field.) 1 orary 02 Con Defender January 09 181 000 nary Account S300 3 July 15 SE 200 Account Rece Ses Reven ses 4 January 15 80.000 Cost of Goods Sold Inventory 5 January 23 Cash Account Re . 10.000 Accounts Payable Cash 15.00 7 ruary 20 200 Allowance for Unce Account Account Receive 200 8 January 15 000 10.00 Account Rece So Raven 12000 . Cost of Good 500 10 53.400 Sa Epe (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 26,500 49,000 $ 5,600 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2022) Common Stock Retained Earnings Totals 21,400 60,000 22,000 2,900 29,900 64,000 49,000 27.500 $ 178,900 $ 178,900 During January 2021, the following transactions occur January 2 Sold gift cards totaling $10,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $161,000. January 15 Firework sales for the first halt of the month total $149,000. All of these sales are on account. The cost of the units sold is $80,800. January 23 Receive $126,800 from customers on accounts receivable. January 25 Pay $104,000 to inventory suppliers on accounts payable. January 28 Weite oft accounts receivable as uncollectible, 56,200. January 30 Firework sales for the second half of the month total $153.000. Sales include $15,000 for cash and $142,000 on account. The cost of the units sold is $86,500. January 31 Pay cash for monthly salaries, $53,400. 3. Prepare an adjusted trial balance as of January 31, 2021. Credit ACME Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Cash $ 21,700 Accounts Receivable 207.000 Inventory 15,100 Land 60,000 Equipment 22,000 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 167,300 Deferred Revenue Bad Debt Expense Salaries Expense 53,400 Notes Payable Allowance for Uncollectible Accounts Depreciation Expense Income Tax Payable Interest Expense Interest Payable Income Tax Expense Totals 546,500 $ 86.900 49,000 27,500 64,000 227,400 4. Prepare a multiple-step income statement for the period ended January 31, 2021. ACME FIREWORKS Income Statement For the year ended January 31, 2021 Sales Revenue $ 306,000 Cost of Goods Sold 167,300 Gross Profit $ Bad Debt Expense Salaries Expense 53,400 138,700 Depreciation Expense Total operating expenses Operating Income Interest Expense 53,400 85,300 85,300 Income Tax Expense Net Income $ 85,300 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 Liabilities $ 21,700 Accounts Payable $ 86.900 Assets Cash Accounts Receivable Loss Allowance for Uncollectible Accounts Inventory $ 207.000 207.000 15.100 Total Current Assets 243,800 Total Current Liabilities 88.900 35.000 Total Liabilities Stockholders' Equity 60,000 Common Stock 22,000 Retained Esminge Land Equipment Accumulated Depreciation 49.000 40,000 $ 135,000 Total Assets Total Stockholders' Equity Total Liabilities and stockholders' Equity $ 325,800 The following format pe to the questions displayed below on January 2021, the general ledger of ACME Fireworks includes the town accounts CIN Cash este Alfabeti Incestry 21.6 Land . And I Moe Yayali Note yaledril 1, 2011 Co to Makati . $110,00 Total During January 2021 the following transactions y diftcarde totalin 310.00. The case we triewe purchased Yhel vary.161 ,. FASE 15 Portrait halt et ot! 1343,000. Another the cost of the site 10.10. JAWAY 2 5126.00 Trio recebe BRY Ty 5104,00 to very plete pakte * We of law, 16,10). Ja 30 werk sale for the result of the 115.00. Bale de 500 for 110.000 tot 180.500. Say I Pay for my waris, 153,400 t. Record each of the transactions listed above. Of no entry is required for a particular transaction event, select "Ne mournal Entry Required in the first account field.) 1 orary 02 Con Defender January 09 181 000 nary Account S300 3 July 15 SE 200 Account Rece Ses Reven ses 4 January 15 80.000 Cost of Goods Sold Inventory 5 January 23 Cash Account Re . 10.000 Accounts Payable Cash 15.00 7 ruary 20 200 Allowance for Unce Account Account Receive 200 8 January 15 000 10.00 Account Rece So Raven 12000 . Cost of Good 500 10 53.400 Sa Epe