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Prepare a classified balance sheet as of January 31, 2021

Required information [The following information applies to the questions displayed below) On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,200 Accounts Receivable 46,400 Allowance for Uncollectible Accounts $ 4,300 Inventory 20, 100 Land 47,000 Equipment 16,000 Accumulated Depreciation 1,600 Accounts Payable 28,600 Notes Payable (6%, due April 1, 2022) 51,000 Common Stock 36.000 Retained Earnings 33,200 Totals $154,700 $154,700 During January 2021, the following transactions occur January 2 Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $148,000. January 15 Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300. January 23 Receive $125,500 from customers on accounts receivable. January 25 Pay $91,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, 54,900. January 30 Firework sales for the second half of the month total $144,000. Soles include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000. January 31 Pay cash for monthly salaries, $52,100. 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducte should be indicated with a minus sign.) ACME FIREWORKS Classified Balance Sheet January 31, 2021 Asset 5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts should be indicated with a minus sign.) d ACME FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Less Allowance for Uncollectible Accounts es Total Current Assets 0 Total Current Liabilities Total Liabilities Stockholders' Equity 0 Total Assets $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity s 0 0 0

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