Please avoid solution image based thnx 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deductedshould be indicated with a minus sign.)CashAccounts ReceivableLess: Allowance for Uncollectible AccountsInventoryTotal Current AssetsTotal Assets!Required informationInventoryCashAccounts ReceivableLess: Allowance for UncollectibleAccountsTotal Current AssetsAssetsLandEquipmentAccumulated DepreciationTotal AssetsAssetsACME FIREWORKSClassified Balance SheetJanuary 31, 2021$ 199,000(11,910)X$25,800 Accounts PayableDeferred Revenue187,090 Interest Payable$ 224,41514,800227,690 Total Current LiabilitiesNotes PayableTotal LiabilitiesIncome Tax Payable$ 199,000January 31, 2021$Common StockRetained EarningsTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity(11,910) 187,090Liabilities$ 25,800 Accounts PayableDeferred RevenueInterest PayableIncome Tax PayableStockholders' Equity14,800227,690301,915Total Current LiabilitiesNotes PayableTotal Liabilities57,000 X20,500 X Common Stock(3,275)Stockholders' EquityRetained Earnings$ 86,6006,10030514,100Liabilities107,10561,000168,10546,00087,810133,810$ 301,915Total Stockholders' EquityTotal Liabilities and Stockholders'Equity333✓✓$ 86,6006,10030514,100✔107,10561,000168,10546,00087,810133,810$301,915 Required information[The following information applies to the questions displayed below.]On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible Accounts.InventoryLandEquipmentAccumulated DepreciationAccounts Payable.Notes Payable (6%, due April 1, 2022)Common StockRetained EarningsTotalsDebit$ 26,20048,40021,10057,00020,500$173,200Credit$ 5,3002,60029,60061,00046,00028,700$173,200ring nuary 2021, the following transactions occur:January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of thepurchase date.January 6 Purchase additional inventory on account, $158,000.January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account.The cost of the units sold is $79,300.January 23 Receive $126,500 from customers on accounts receivable.January 25 Pay $101,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,900.January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cashand $137,000 on account. The cost of the units sold is $85,000.January 31 Pay cash for monthly salaries, $53,100.5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deductedshould be indicated with a minus sign.)

The balance Sheet is the financial statement. This statement is prepared on a particular date. This…

During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $158,000. January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300. January 23 Receive $126,500 from customers on accounts receivable. January 25 Pay $101,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,900. January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000. January 31 Pay cash for monthly salaries, $53,100. 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.)

During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $158,000. January 15 Firework sales for the first half of the month total $146,000. All of these sales are on account. The cost of the units sold is $79,300. January 23 Receive $126,500 from customers on accounts receivable. January 25 Pay $101,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,900. January 30 Firework sales for the second half of the month total $154,000. Sales include $17,000 for cash and $137,000 on account. The cost of the units sold is $85,000. January 31 Pay cash for monthly salaries, $53,100. 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.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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