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The following information applies to the questions displeyed below On January 1,2018, the general ledger of ACME Fireworks includes the following account balances $ 25,800
The following information applies to the questions displeyed below On January 1,2018, the general ledger of ACME Fireworks includes the following account balances $ 25,800 Cash Accounts Recelvable Allowance for Uncollectible Accounts Inventory Land 47600 s 4,900 20,700 53,000 18.500 2.200 29,200 57,000 42,000 Accounts Payable Notes Payable (6%, due April 1, 2019) Common Stock Retained Earnings $165600 $165,600 Totnls During January 2018, the following transections occur January 2. Sold gift cards totaling $9,400. The cards are redeemable for January 6 Purchase additional inventory on account, $154,000 January 15. January 23. Receive $126,100 from customers on accounts receivable. January 25. Pay $97,000 to inventory suppliers on accounts payable. January 28. Write off accounts receivable as uncollectible, $5,500. January 30. Firework sales for the second half of the month total $150,000 Sales include $15,000 for cash and $135,000 on account. The cost of the units sold is merchandise within one year of the purchase date. Firework sales for the frst half of the month total $142,000. All f these sales are on account. The cost of the units sold is $77,300. $83,000 January 31. Pay cash for monthly salaries, $52700 4. Prepare a multiple-step income statement for the period ended January 31, 2018. ACME FIREWORKS Income Statement For the year ended January 31, 2018 Total operating expenses
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