Question: please help i only have 10 minutes I need help finding the right current liabilities assuming the note payable were due on APRIL 1, 2021

please help i only have 10 minutes
please help i only have 10 minutes I need help finding the
right current liabilities assuming the note payable were due on APRIL 1,
I need help finding the right current liabilities assuming the note payable were due on APRIL 1, 2021 rather than april 1, 2022
2021 rather than april 1, 2022 Check Required information On January 1,

Check Required information On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit 6 Debit $ 25, 100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accunulated Depreciation Accounts Payable Notes Payable (64, due April 1, 2022) Common Stock Retained Earnings Totals 20,000 46,080 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 $152,300 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost of the units sold 15 $73,800. January 23 Receive $125,400 Fron customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, 54,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold 15 $79,500. January 31 Pay cash for monthly salaries, 552,000, 7. Analyze the following for ACME Fireworks ACME FIREWORKS Classified Balance Sheet January 31, 2021 Liabilities Assets Cash Accounts Receivable Loss: Allowance for Uncollectible Accounts $ 85,500 5,000 $ 183,000 (11,900) ols $ 27,500 Accounts Payable Deferred Revenue 171,100 Interest Payable Income Tax Payable 13,700 > > 250 13,000 Inventory Total Current Assets 103,750 50,000 153,750 Land Equipment Accumulated Depreciation olo 212,300 Total Current Liabilities Notes Payable Total Liabilities Stockholders' Equity 46,000 15,004, (2,000) Common Stock Retained Earnings Total Stockholders' Equity s Total Liabilities and Stockholders' 271,300 Equity Blo 35,000 82,550 117,550 $ 271,300 Total Assets Requirement 3: c-1. Assume the notes payable were due on April 1, 2021, rather than April 1, 2022. Calculate the revised current ratio at the end of January Choose Numerator Current Assets 212,300 Current Ratio + Choose Denominator + Current Liabilities 141,500 Current Ratio Current Ratio 150 times

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!