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Exercise 8-19 (Static) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applles to the questions displayed below] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135, eee. All of these sales are on account. January 23 Receive $125,400 from sold is $73,800. January 25 Pay $90,000 to invent customers on accounts receivable. January 28 Write off accounts intory suppliers on accounts payable. January 30 Firework sales for receivable as uncollectible, $4,800. and $132,000 on acco second half of the month total $143,000. Sales include $11,000 for cash January 31 Pay cash for monthiy 5 . The cost of the units sold is $79,500. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ ACME FIREWORKS } \\ \hline \multicolumn{6}{|c|}{ Classified Balance Sheot } \\ \hline \multicolumn{6}{|c|}{ January 31,2024} \\ \hline \multicolumn{4}{|l|}{ Assets } & \multicolumn{2}{|l|}{ Llabilities } \\ \hline Current Assets: & & & & Current Liabilities: & \\ \hline Cash & & & $27,500 & Accounts Payable & $85,500 \\ \hline Accounts Receivable & $ & 183,000 & & Interest Payable & 250 \\ \hline Less: Allowance for Uncollectible Accounts & & (11,900) & 171,100 & Deferred Revenue & 5,000 \\ \hline Inventory & & & 13,700 & Income Tax Payable & 13,000 \\ \hline & & & & & \\ \hline & & & & & \\ \hline Total Current Assets & & & 212,300 & Total Current Liabilities & 103,750 \\ \hline Property, Plant and Equipment: & & & & Long-term Liabilities: & \\ \hline Land & & & 46,000 & Notes Payable & 50,000 \\ \hline & & & & Total Liabilities & 153,750 \\ \hline Equipment & & & 15,000 & Stockholders' Equity & \\ \hline Accumulated Depreciation & & & & Common Stock & 35,000 \\ \hline & & & & Retained Eamings & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & 3 & Total Stockholders' Equily & 35,000 \\ \hline Total Assets & & & $273,300 & Total Liabilities and Stockholders' Equity & $188,750 \\ \hline \end{tabular} 7. Analyze the following for ACME Fireworks: Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.8 , is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.5 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1,5 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1,2024, rather than April 1,2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged, Complete this question by entering your answers in the tabs below. Assume the notes payable were due on April 1, 2024, rather than April 1,2025. Calculate the revised current ratio at the end of January. Exercise 8-19 (Static) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applles to the questions displayed below] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $147,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $135, eee. All of these sales are on account. January 23 Receive $125,400 from sold is $73,800. January 25 Pay $90,000 to invent customers on accounts receivable. January 28 Write off accounts intory suppliers on accounts payable. January 30 Firework sales for receivable as uncollectible, $4,800. and $132,000 on acco second half of the month total $143,000. Sales include $11,000 for cash January 31 Pay cash for monthiy 5 . The cost of the units sold is $79,500. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ ACME FIREWORKS } \\ \hline \multicolumn{6}{|c|}{ Classified Balance Sheot } \\ \hline \multicolumn{6}{|c|}{ January 31,2024} \\ \hline \multicolumn{4}{|l|}{ Assets } & \multicolumn{2}{|l|}{ Llabilities } \\ \hline Current Assets: & & & & Current Liabilities: & \\ \hline Cash & & & $27,500 & Accounts Payable & $85,500 \\ \hline Accounts Receivable & $ & 183,000 & & Interest Payable & 250 \\ \hline Less: Allowance for Uncollectible Accounts & & (11,900) & 171,100 & Deferred Revenue & 5,000 \\ \hline Inventory & & & 13,700 & Income Tax Payable & 13,000 \\ \hline & & & & & \\ \hline & & & & & \\ \hline Total Current Assets & & & 212,300 & Total Current Liabilities & 103,750 \\ \hline Property, Plant and Equipment: & & & & Long-term Liabilities: & \\ \hline Land & & & 46,000 & Notes Payable & 50,000 \\ \hline & & & & Total Liabilities & 153,750 \\ \hline Equipment & & & 15,000 & Stockholders' Equity & \\ \hline Accumulated Depreciation & & & & Common Stock & 35,000 \\ \hline & & & & Retained Eamings & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & 3 & Total Stockholders' Equily & 35,000 \\ \hline Total Assets & & & $273,300 & Total Liabilities and Stockholders' Equity & $188,750 \\ \hline \end{tabular} 7. Analyze the following for ACME Fireworks: Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the average current ratio for the industry is 1.8 , is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1.5 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1, 2024, rather than April 1, 2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Complete this question by entering your answers in the tabs below. Calculate the acid-test ratio at the end of January. b-2. If the average acid-test ratio for the industry is 1,5 , is ACME Fireworks more or less likely to have difficulty paying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes payable were due on April 1,2024, rather than April 1,2025. Calculate the revised current ratio at the end of January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged, Complete this question by entering your answers in the tabs below. Assume the notes payable were due on April 1, 2024, rather than April 1,2025. Calculate the revised current ratio at the end of January