Extracted text: Required information [The following information applies to the questions displayed below} On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Debit $ 25,900 47,8ee Credit Cash Accounts Recelvable Allowance for Uncollectible Accounts Inventory Land Equipment Accunulated Depreciation Accounts Payable Notes Payable (6x, due April 1, 2022) $ 5,000 20,8ee 54,0ee 19,eee 2,300 29,300 58,000 43,880 Connon Stock Retained Earnings 29,900 $167,5e0 Totals $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,80e. January 15 Firework sales for the first half of the month total $143,80e. All of these sales are on account. The cost of the units sold is $77,880. January 23 Receive $126, 200 from customers on accounts receivable. January 25 Pay $98,00e to inventory suppliers on accounts payable. January 28 rite off accounts receivable as uncollectible, $5,6ee. January 30 Firework sales for the second half of the month total $151,88e. Sales include $14,eee for cash and $137,e0e on account. The cost of the units sold is $83,5ee. January 31 Pay cash for monthly salaries, $52,Bee.
Extracted text: 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.) 8 Answer is not complete. ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Cash $ 24,900 OAccounts Payable 86,300 O Accounts Receivable Os 196,000 O Deferred Revenue 9,600 X Less: Allowance for Uncollectible 600 8 196,600 Interest Payable Accounts Inventory 14,500 O Income Tax Payable Total Current Assets 236,000 Total Current Liabilities 95,900 Notes Payable 58,000 O Total Liabilities 153,900 Stockholders' Equity 43.000 O 54,000 O Common Stock 19,000 O Retained Earnings Land Equipment 109,800 X Accumulated Depreciation (2,300) X Total Stockholders' Equity 152,800 Total Liabilities and Stockholders' Total Assets |306,700 $ 306,700 Equity