Exercise 9-24 (Algo) 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, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 13,000 37,600 Credit $ 3,600 153,800 85,300 138,000 11,400 37,500 218,000 157,200 $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Exercise 9-24 (Algo) Part 5 5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations.) Assets FREEDOM FIREWORKS Classified Balance Sheet January 31, 2024 Liabilities
Exercise 9-24 (Algo) 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, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 13,000 37,600 Credit $ 3,600 153,800 85,300 138,000 11,400 37,500 218,000 157,200 $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700. January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500. January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1. Exercise 9-24 (Algo) Part 5 5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations.) Assets FREEDOM FIREWORKS Classified Balance Sheet January 31, 2024 Liabilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
![Exercise 9-24 (Algo) 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, 2024, the general ledger of Freedom Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Buildings
Accumulated Depreciation
Accounts Payable
Common Stock
Retained Earnings
Totals
Debit
$ 13,000
37,600
Credit
$ 3,600
153,800
85,300
138,000
11,400
37,500
218,000
157,200
$ 427,700
$ 427,700
During January 2024, the following transactions occur:
January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6%
annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60
months.
January 4
January 10 Pay cash on accounts payable, $29,000.
Receive $32,800 from customers on accounts receivable.
January 15 Pay cash for salaries, $30,700.
January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500.
January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1.
Exercise 9-24 (Algo) Part 5
5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do
not round intermediate calculations.)
Assets
FREEDOM FIREWORKS
Classified Balance Sheet
January 31, 2024
Liabilities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fb5f8b1-73d0-4053-a8c1-2a50ac1f2112%2F64362f63-569b-4232-9671-58dd60b5c833%2Ffd8vkal_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-24 (Algo) 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, 2024, the general ledger of Freedom Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Buildings
Accumulated Depreciation
Accounts Payable
Common Stock
Retained Earnings
Totals
Debit
$ 13,000
37,600
Credit
$ 3,600
153,800
85,300
138,000
11,400
37,500
218,000
157,200
$ 427,700
$ 427,700
During January 2024, the following transactions occur:
January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6%
annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60
months.
January 4
January 10 Pay cash on accounts payable, $29,000.
Receive $32,800 from customers on accounts receivable.
January 15 Pay cash for salaries, $30,700.
January 30 Firework sales for the month total $210,600. The cost of the units sold is $121,500.
January 31 Pay the first monthly installment of $2,281 related to the $118,000 borrowed on January 1.
Exercise 9-24 (Algo) Part 5
5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated with a minus sign. Do
not round intermediate calculations.)
Assets
FREEDOM FIREWORKS
Classified Balance Sheet
January 31, 2024
Liabilities
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