Question: all the same question On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $31,000 beginning balance of








On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: The $31,000 beginning balance of inventory consists of 310 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 purchase 1,000 units for $106,000 on account (\$106 each). January 8 Purchase 1,100 unita for $122,100 on account (\$111 each). Jasuary 12 Purehase 1,200 units for $139,200 on account ( $116 each). January 15 Return 105 of the unitn purehased on January 12 because of defects. January 19 Sel1 3,400 units on account for $544,000. The cost of the unita aold is determined uating a Prro perpetual inventory ayatem. January 22 Receive $489,000 from customers on accounta receivable. January 24 Pay $319,000 to inventory muppliers on accounts payable. January 27 Write off accounts receivable an uncolleotible, $2,600. January 31 pay eash for salarioll during Jandary, $115,000. The following information is avallable on January 31,2024. a. At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint Dotermine the number of units remaining from January 12 after subtracting the units returned on Januaty 15 and the units assumed sold (FFFO) on Januaty 19.] b. The company records an adjusting entry for $5,410 for estimated future uncollectible accounts. c. The company accrues interest on notes payable for January Interest is expected to be paid each December 31. d. The company accrues income taxes at the end of January of $12,400. BIG BLAST FIREWORKS Classifled Balance Sheet January 31, 2024 BIG BLAST FIREWORKS Classifled Balance Sheet January 31, 2024 BIG BLAST FIREWORKS Classified Balance Sheet January 31, 2024 BIG BLAST FIREWORKS Classified Balance Sheet January 31, 2024 Assets
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