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During January 2024, the following transactions occur: January 2 sold gitt cards totaling $8,000. The eards are redeenable for morchandise within one year-of the purchase date. January 6 Purchase additional inventory on account, $147,000. Acrs uses che perpetual inventory eysetem. the cont of the unitin nold in $73,800. January 23 Recelve $125,400 froe cuscomers on accounti recelvable. January 25 Pay $90,000 to inventory supplifers os accounts payable. January 28 - Mrite of f accounts receivable as uncollectible, $4,800. $132,000 on account. The cont of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. 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. Caiculate the revised current ratio at the end of Requirment 3: January. c-2. Indicate whether the revised ratio would increase, decrease, or remain unchanged. Required information [The following information applies to the questions displayed belw.] On January 1,2024 , the general ledger of ACME Fireworks includes the following account balances: During January 2024 , the following transactions occur

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