Business, 06.05.2021 01:20, brodycruce

Required Information On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts Debit Credi
Cash $25,800
Accounts Receivable 47.600
Allowance for Uncollectible Accounts $4,900
Inventory 20,700
Land 53,000
Equipment 18.500
Accumulated Depreciation 2,200
Accounts Payable 29,200
Notes Payable (68, due April 1, 2022) 57.000
Common Stock 42.000
Retained Earnings 30,300
Totals $165,600 $165,600
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $9,400. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $154,000.
January 15 Firework sales for the first half of the month total $142,000. All of these sales are on account. The cost of the units sold is $77,300.
January 23 Receive $126,100 from customers on accounts receivable.
January 25 Pay $97,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,500.
January 30 Firework sales for the second half of the month total $150,000. Sales include $15,000 for cash and $135,000 on account. The cost of the units sold is $83,000.
January 31 Pay cash for monthly salaries, $52,700.
Prepare a multiple-step income statement for the period ended January 31, 2021.

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Required Information On January 1, 2021, the general ledger of ACME Fireworks includes the followi...