[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.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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