On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts...

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,600 49,200 21,500 61,000 22,500 Credit $ 5,700 3,000 30,000 65,000 50,000 27,100 $180,800 $180,800 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 6 Purchase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. 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.) Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory Total Current Assets Land Equipment Accumulated Depreciation Assets Total Assets › › › Answer is complete but not entirely correct. ACME FIREWORKS Classified Balance Sheet January 31, 2021 $ 210,000 15,760 $ 20,000 225,760 15,200 260,960 $ 61,000 22,500 18,750 X 363,210 Accounts Payable Deferred Revenue Interest Payable Income Tax Payable Total Current Liabilities Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 87,000 6,500 325 14,500 108,325 65,000 173,325 50,000 86,465 136,465 $ 309,790 On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,600 49,200 21,500 61,000 22,500 Credit $ 5,700 3,000 30,000 65,000 50,000 27,100 $180,800 $180,800 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 6 Purchase additional inventory on account, $162,000. January 15 Firework sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 30 Firework sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500. 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.) Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory Total Current Assets Land Equipment Accumulated Depreciation Assets Total Assets › › › Answer is complete but not entirely correct. ACME FIREWORKS Classified Balance Sheet January 31, 2021 $ 210,000 15,760 $ 20,000 225,760 15,200 260,960 $ 61,000 22,500 18,750 X 363,210 Accounts Payable Deferred Revenue Interest Payable Income Tax Payable Total Current Liabilities Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 87,000 6,500 325 14,500 108,325 65,000 173,325 50,000 86,465 136,465 $ 309,790