On January $1,2024,$ the general ledger of ACME Fireworks includes the following account balances:

$$

Accounts Debit Credit

Cash $$26,300$

Accounts Receivable $48,600$

Allowance for Uncollectible Accounts $$ $$5,400$

Inventory $21,200$

Land $58,000$

Equipment $21,000$

Accumulated Depreciation $2,700$

Accounts Payable $29,700$

Notes Payable $(6\%,$ due April $1,2025)62,000$

Common Stock $47,000$

Retained Earnings $28,300$

Totals $$175,100$ $$175,100$

$$

During January $2024,$ the following transactions occur:

$$

January $2$ Sold gift cards totaling $$10,400.$ The cards are redeemable for merchandise within one year of the purchase date.

January $6$ Purchase additional inventory on account, $$159,000.$ ACME uses the perpetual inventory system.

January $15$ Firework sales for the first half of the month total $$147,000.$ All of these sales are on account. The cost of the units sold is $$79,800.$

January $23$ Receive $$126,600$ from customers on accounts receivable.

January $25$ Pay $$102,000$ to inventory suppliers on accounts payable.

January $28$ Write off accounts receivable as uncollectible, $$6,000.$

January $30$ Firework sales for the second half of the month total $$155,000.$ Sales include $$11,000$ for cash and $$144,000$ on account. The cost of the units sold is $$85,500.$

January $31$ Pay cash for monthly salaries, $$53,200.$

$7.$ Analyze the following for ACME Fireworks

$$

Requirement $1$:

a$-1.$ Calculate the current ratio at the end of January.

a$-2.$ If the average current ratio for the industry is $1\mathrm{.}80,$ is ACME Fireworks more or less liquid than the industry average?

Requirement $2$:

b$-1.$ Calculate the acid$-$test ratio at the end of January.

b$-2.$ If the average acid$-$test ratio for the industry is $1\mathrm{.}50,$ is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts $($compared to the industry average$)?$

Requirement $3$:

c$-1.$ Assume the notes payable were due on April $1,2024,$ rather than April $1,2025.$ Calculate the revised current ratio at the end of January.

c$-2.$ Indicate whether the revised ratio would increase, decrease, or remain unchanged.