5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) Current Assets: Assets Less: Allowance for Uncollectible Accounts Total Current Assets Property, Plant and Equipment: Total Assets ACME FIREWORKS Classified Balance Sheet January 31, 2024 Current Liabilities: Total Current Liabilities Long-term Liabilities: Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit $25,600 Credit Accounts Receivable 47,200 Allowance for Uncollectible Accounts $4,700 Inventory 20,500 Land 51,000 Equipment 17,500 Accumulated Depreciation 2,000 Accounts Payable 29,000 Notes Payable (6%, due April 1, 2025) 55,000 Common Stock 40,000 Retained Earnings 31,100 Totals $161,800 $161,800 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.) Current Assets: Assets Less: Allowance for Uncollectible Accounts Total Current Assets Property, Plant and Equipment: Total Assets ACME FIREWORKS Classified Balance Sheet January 31, 2024 Current Liabilities: Total Current Liabilities Long-term Liabilities: Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Debit $25,600 Credit Accounts Receivable 47,200 Allowance for Uncollectible Accounts $4,700 Inventory 20,500 Land 51,000 Equipment 17,500 Accumulated Depreciation 2,000 Accounts Payable 29,000 Notes Payable (6%, due April 1, 2025) 55,000 Common Stock 40,000 Retained Earnings 31,100 Totals $161,800 $161,800 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deducted
should be indicated with a minus sign.)
Current Assets:
Assets
Less: Allowance for Uncollectible Accounts
Total Current Assets
Property, Plant and Equipment:
Total Assets
ACME FIREWORKS
Classified Balance Sheet
January 31, 2024
Current Liabilities:
Total Current Liabilities
Long-term Liabilities:
Liabilities
Total Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
Required information
Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Debit
$25,600
Credit
Accounts Receivable
47,200
Allowance for Uncollectible Accounts
$4,700
Inventory
20,500
Land
51,000
Equipment
17,500
Accumulated Depreciation
2,000
Accounts Payable
29,000
Notes Payable (6%, due April 1, 2025)
55,000
Common Stock
40,000
Retained Earnings
31,100
Totals
$161,800
$161,800
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $152,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account.
The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and
$138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b6c61d9-0be7-418f-932d-70f7765d0bbf%2Ffe47ed9f-5e94-4667-92e3-a4f1f4ddf204%2Fh4kyysb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. Prepare a classified balance sheet as of January 31, 2024. (Enter the asset accounts in order of liquidity. Amounts to be deducted
should be indicated with a minus sign.)
Current Assets:
Assets
Less: Allowance for Uncollectible Accounts
Total Current Assets
Property, Plant and Equipment:
Total Assets
ACME FIREWORKS
Classified Balance Sheet
January 31, 2024
Current Liabilities:
Total Current Liabilities
Long-term Liabilities:
Liabilities
Total Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
Required information
Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Debit
$25,600
Credit
Accounts Receivable
47,200
Allowance for Uncollectible Accounts
$4,700
Inventory
20,500
Land
51,000
Equipment
17,500
Accumulated Depreciation
2,000
Accounts Payable
29,000
Notes Payable (6%, due April 1, 2025)
55,000
Common Stock
40,000
Retained Earnings
31,100
Totals
$161,800
$161,800
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $152,000. ACME uses the perpetual inventory system.
January 15 Firework sales for the first half of the month total $140,000. All of these sales are on account.
The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 Firework sales for the second half of the month total $148,000. Sales include $10,000 for cash and
$138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.
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