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File Home Insert Page Layout Formulas Data Review View Help Acrobat . & Cut Calibri 11 AP == a Wrap Text General Copy Paste Con A ===== = Format Painter Merge & Center $ - % -90 Form Clipboard Font Alignment Number i SIGN IN TO OFFICE It looks like your stored credentials are out of date. Please sign in as tri2712@uw.edu so we can verify your subscription. Sign In H9 fic B Exercise 9-24 1 2 3 See the next tab for the beginning trial balance. 4 5 On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: 6 7 8 Borrow $100,000 from captive Credit Corporation. The installment note bears interest at 7% annually and matures in five yea January 1 $1,980 are required at the end of each month for 60 months. January 4 Receive $31,000 from customers on accounts receivable. January 10 Pay cash on accounts payable, $11,000. January 15 Pay cash for salaries, $28,900. 9 10 11 January 30 Firework sales for the month total $195,000. Sales include $65,000 for cash and $130,000 on account. The cost of the units so Pay the first monthly installment of $1,980 related to the $100,000 borrowed on January 1. round your interest calculation to January 31 dollar. 12 13 14 15 16 17 18 19 20 Required 1 Record each of the transactions listed in the general journal and post to the general ledger. 2 Record adjusting entries on January 31 in the general journal and post to the general ledger. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building wa a. company estimated a service life of 10 years and a residual value of $24,000. b. The company estimates additional future uncollectible accounts of $2,300. c. Unpaid salaries at the end of January are $26,100. d. Accrued income taxes at the end of January are $8,000. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amoun e. reclassification is $17,411. 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. Problem Detail Beginning Trial Balance General Journal Adjusting General Journal General Ledger template 21 22 22 ---- ..le! -t! .buttfull.21 2020 22 23 24 25 26 27 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. 4 Prepare a multi-step income statement for the period ended January 31, 2024. 5 Prepare a statement of stockholders equity for the period ended January 31, 2024. 6 Prepare a classified balance sheet as of January 31, 2024. 7 Record the closing entries on January 31 in the general journal and post to the general ledger. 8 Analyze the following for Freedom Fireworks: Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1.0, is Freedom Fireworks more or less a. other companies in the same industry? Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 20 times, is the compan b. able to meet interest payments than other companies in the same industry? Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate c. borrowing rate in the industry? 28 29 30