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Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2,9-8) [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 12,800 Accounts Receivable 37,200 Inventory 153,600 Land 83,300 Buildings 136,000 Allowance for Uncollectible Accounts $ 3,400 Accumulated Depreciation 11,200 Accounts Payable 35,300 Common Stock 216,000 Retained Earnings 157,000 Totals $422,900 $422,900 1 4 During January 2021, the following transactions occur. January Borrow $116,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,243 are required at the end of each month for 60 months. January Receive $32,600 from customers on accounts receivable. January Pay cash on accounts payable, $27,808. 10 January Pay cash for salaries, $30,500. 15 January Firework sales for the month total $210,200. Sales include $66,600 for cash and $143,600 on account. 30 The cost of the units sold is $120,500. January Pay the first monthly installment of $2,243 related to the $116,000 borrowed on January 1. Round your 31 interest calculation to the nearest dollar. 3. Prepare an adjusted trial balance as of January 31, 2021. Freedom Fireworks Adjusted Trial Balance January 31, 2021 Accounts Debit Credit Exercise 9-21 Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2021. Freedom Fireworks Multiple-Step Income Statement For the month ended January 31, 2021 Gross Profit Expenses: Total Operating Expenses 5. Prepare a classified balance sheet as of January 31, 2021. (Hint: The carrying value of notes payable on January 31, 2021 is $114,337 $20,612 is reported as notes payable in the current liabilities section and $93,725 is reported as notes payable in the long-term liabilities section ($20,612 + $93.725 = $114,337). (Amounts to be deducted should be indicated with a minus sign.) Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Total Current Liabilities Total Liabilities Stockholder's Equity (5.172) Total Current Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Exercise 9-21 Part 7 7. Analyze the following for Freedom Fireworks: Requirement 1: a-1. Calculate the debt to equity ratio. Debt to Equity Ratio Choose Numerator Choose Denominator = Debt to Equity Ratio Debt to Equity Ratio 11 11 a-2. If the average debt to equity ratio for the industry is 1, is Freedom Fireworks more or less leveraged than other companies in the same industry? Less leveraged More leveraged Requirement 2: b-1. Calculate the times interest earned ratio Times Interest Earned Ratio Choose Denominator Choose Numerator Times Interest Eamed Ratio Times Interest Earned Ratio