On January $1,2024,$ the general ledger of Big Blast Fireworks included the following account balances: Prepare an income statement for the period ended January $31,2024.$ Choose the appropriate accounts to complete the

company's income statement. The unadjusted, adjusted, or post$-$closing balances will appear for each account, based on your

selection.

Adjusted

Accounts Debit Credit

Cash $ $21,900$

Accounts receivable $36,500$

Allowance for uncollectible accounts $ $3,100$

Inventory $30,000$

Land $61,600$

Accounts payable $32,400$

Notes payable $(8\%,$ due in $3$ years$)30,000$

Common stock $56,000$

Retained earnings $28,500$

Totals $ $150,000$ $ $150,000$

The $$30,000$ beginning balance of inventory consists of $300$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchased $1,200$ units for $$126,000$ on account $($$$105$ each$).$

January $8$ Purchased $1,300$ units for $$143,000$ on account $($$$110$ each$).$

January $12$ Purchased $1,400$ units for $$161,000$ on account $($$$115$ each$).$

January $15$ Returned $100$ of the units purchased on January $12$ because of defects.

January $19$ Sold $4,000$ units on account for $$600,000.$ The cost of the units sold is determined using a FIFO perpetual inventory system.

January $22$ Received $$580,000$ from customers on accounts receivable.

January $24$ Paid $$410,000$ to inventory suppliers on accounts payable.

January $27$ Wrote off accounts receivable as uncollectible, $$2,500.$

January $31$ Paid cash for salaries during January, $$128,000.$

The following information is available on January $31,2024.$

At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $$100$ each.

At the end of January, $$4,000$ of accounts receivable are past due, and the company estimates that $40\%$ of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that $4\%$ will not be collected.

Accrued interest expense on notes payable for January. Interest is expected to be paid each December $31.$

Accrued income taxes at the end of January are $$12,300.$Prepare a classified balance sheet as of January $31,2024.$ Choose the appropriate accounts to complete the company's

balance sheet. The unadjusted, adjusted, or post$-$closing balances will appear for each account, based on your selection.

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