Required Information Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, 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, 2822) Common Stock Retained Earnings Totals Debit $ 25,100 46,200 20,000 46,000 15,000 Credit $ 4,200 1,500 28,500 se,eee 35,000 33,100 $152,300 $152,300 During January 2021, the following transactions occur. January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,eee. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 38 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.
Required Information Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) On January 1, 2021, 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, 2822) Common Stock Retained Earnings Totals Debit $ 25,100 46,200 20,000 46,000 15,000 Credit $ 4,200 1,500 28,500 se,eee 35,000 33,100 $152,300 $152,300 During January 2021, the following transactions occur. January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. January 15 Firework sales for the first half of the month total $135,eee. All of these sales are on account. The cost of the units sold is $73,800. January 23 Receive $125,400 from customers on accounts receivable. January 25 Pay $90,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $4,800. January 38 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
Transcribed Image Text:Required Information
Exercise 8-18 Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
On January 1, 2021, 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, 2022)
Common Stock
Retained Earnings
Totals
Debit
$ 25,100
46,200
20,000
46,000
15,000
Credit
$ 4,200
1,500
28,500
50,000
35,000
33,100
$152,300 $152,300
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase
date.
January 6 Purchase additional inventory on account, $147,000.
January 15 Firework sales for the first half of the month total $135,000. All of these sales are on account. The cost
of the units sold is $73,800.
January 23 Receive $125,400 from customers on accounts receivable.
January 25 Pay $90,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $4,800.
January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000
on account. The cost of the units sold is $79,500.
January 31 Pay cash for monthly salaries, $52,000.
Transcribed Image Text:Exercise 8-18 Part 5
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.)
Less: Allowance for Uncollectible Accounts
Total Current Assets
Assets
Total Assets
ACME FIREWORKS
Classified Balance Sheet
January 31, 2021
S
0
0 Total Current Liabilities
0
Liabilities
Total Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
$
0
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