**Instructions for Financial Calculation:**c-1. Assume the notes payable were due on April 1, Year 1, rather than April 1, Year 2. Calculate the revised current ratio at the end of January.**Calculation Table:**- **Title:** Current Ratio | **Choose Numerator** | | **Choose Denominator** | | **Current Ratio** | |----------------------|---|------------------------|---|-------------------| | | + | | = | Current Ratio | | | + | | = | | - Indicates a calculation setup with empty spaces for inputting numbers.- **Result Area:** Displays a section for the current ratio result with a label "_times_".This setup implies selecting relevant financial figures to calculate the current ratio, showing the relationship between current assets and current liabilities. **General Ledger Account Balances on January 1, Year 1:**| Accounts | Debit | Credit ||-------------------------------------------|----------|----------|| Cash | $25,600 | || 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, Year 2) | | 55,000 || Common Stock | | 40,000 || Retained Earnings | | 31,100 || **Totals** | **$161,800** | **$161,800** |**Transactions During January Year 1:**- **January 2:** Sold gift cards totaling $9,000, redeemable for merchandise within one year.- **January 6:** Purchased additional inventory on account, $152,000.- **January 15:** Company sales for the first half of the month total $140,000, all on account. Cost of units sold: $76,300.- **January 23:** Received $125,000 from customers on accounts receivable.- **January 25:** Paid $95,000 to inventory suppliers on accounts payable.- **January 28:** Wrote off $5,300 of accounts receivable as uncollectible.- **January 30:** Company sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. Cost of units sold: $82,000.- **January 31:** Paid cash for monthly salaries, $52,500.

Name: **Instructions for Financial Calculation:**c-1. Assume the notes paya
Uploaded: 2022-11-18T00:26:54.000Z
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Description: **Instructions for Financial Calculation:**c-1. Assume the notes payable were due on April 1, Year 1, rather than April 1, Year 2. Calculate the revised current ratio at the end of January.**Calculation Table:**- **Title:** Current Ratio | **Choose