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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	25,300
Accounts Receivable		46,600
Allowance for Uncollectible Accounts					$	4,400
Inventory		20,200
Land		48,000
Equipment		16,500
Accumulated Depreciation						1,700
Accounts Payable						28,700
Notes Payable (6%, due April 1, 2022)						52,000
Common Stock						37,000
Retained Earnings						32,800
Totals	$	156,600			$	156,600

During January 2021, the following transactions occur:

January		2		Sold gift cards totaling $8,400. The cards are redeemable for merchandise within one year of the purchase date.
January		6		Purchase additional inventory on account, $149,000.
January		15		Firework sales for the first half of the month total $137,000. All of these sales are on account. The cost of the units sold is $74,800.
January		23		Receive $125,600 from customers on accounts receivable.
January		25		Pay $92,000 to inventory suppliers on accounts payable.
January		28		Write off accounts receivable as uncollectible, $5,000.
January		30		Firework sales for the second half of the month total $145,000. Sales include $15,000 for cash and $130,000 on account. The cost of the units sold is $80,500.
January		31		Pay cash for monthly salaries, $52,200.

3. Prepare an adjusted trial balance as of January 31, 2021.

4. Prepare a multiple-step income statement for the period ended January 31, 2021.

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.)

6. Record closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

7. Analyze the following for ACME Fireworks
  

Requirement 1:

a-1. Calculate the current ratio at the end of January.

Answer 1