[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 Debit $ 12,500 36,600 Credit $ 3,100 153,300 80,300 133,000 10,900 32,000 213,000 156,700 $ 415,700 $ 415,700 Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 1 January 4 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,185 are required at the end of each month for 60 months. Receive $32,300 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30,200. January 30 Firework sales for the month total $201,200. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,185 related to the $113,000 borrowed on January 1. Exercise 9-24 (Algo) Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.)

[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 Debit $ 12,500 36,600 Credit $ 3,100 153,300 80,300 133,000 10,900 32,000 213,000 156,700 $ 415,700 $ 415,700 Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 1 January 4 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,185 are required at the end of each month for 60 months. Receive $32,300 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30,200. January 30 Firework sales for the month total $201,200. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,185 related to the $113,000 borrowed on January 1. Exercise 9-24 (Algo) Part 4 4. Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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