Prepare a classified balance sheet as of January 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 8-19 (Algo) Part 5
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:
Less: Allowance for Uncollectible Accounts
Total Current Assets
Property, Plant and Equipment:
Assets
Total Assets
ACME FIREWORKS
Classified Balance Sheet
January 31, 2024
Current Liabilities:
Total Current Liabilities
Long-term Liabilities:
Total Liabilities
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
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2025)
Common Stock
Retained Earnings
Totals
Debit
$25,600
47,200
20,500
51,000
17,500
$161,800
Credit
$4,700
2,000
29,000
55,000
40,000
31,100
$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%2F0ce123d7-ec28-4713-8995-d1c19687ec94%2Fdfb904af-9a59-4651-b838-922fed013a5a%2Fub5krq_processed.png&w=3840&q=75)
Transcribed Image Text: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
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2025)
Common Stock
Retained Earnings
Totals
Debit
$25,600
47,200
20,500
51,000
17,500
$161,800
Credit
$4,700
2,000
29,000
55,000
40,000
31,100
$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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