On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Debit$ 23, 30040, e0eAccountsCreditCashAccounts ReceivableAllowance for Uncollectible Accounts$ 4, 5e0InventoryLandAccounts PayableNotes Payable (6%, due in 3 ycars)37,e0072,10028,98e37, eee63, 0eeCommon StockRetained Earnings39. eeeTotals$172,488 $172,488The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big BlastFireworks had the following inventory transections:January 3 Purchase 1,680 units for $168,888 on account ($18s cach).January 8 Purchase 1,78e units for $187,800 on account ($110 cach).January 12 Purchase 1,88e units for $207, Bee on account ($115 cach).January 15 Return 135 of the units purchased on January 12 because of defects.January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetualinventory systen.January 22 Receive $753,eee from custoners on accounts receivable.January 24 Pay $528,8ee to inventory suppliers on accounts payable.January 27 krite off accounts receivable as uncollectible, $3, 280.January 31 Pay cash for salaries during January, $121,e00.The following information is available on January 31, 2021.a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February foronly $100 each,b. The company estimates future uncollectible occounts. The compony determines $4,700 of accounts receivable onJanuary 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accountsreceivable on Januery 31 are not past due, snd 5% of these accounts are estimated to be uncollectible. (Hint: Use theJanuary 31 accounts receiveble balance colculated in the general ledger.)c. Accrued interest expense on notes payable for January. Interest is expected to be paid esch December 31.d. Accrued income taxes at the end of January ore $13,000.5. Prepare a clessified balance sheet es of January 31, 2021. (Amounts to be deducted should be Indicated with a minus sign.)BIG BLA ST FIREWORKSClasalfied Balance SheetJanuary 31, 2021ABeeteLlablitiesTotal current assetsTotal current liabilitiesTotal liabilitiesstockholders' EquityTotal stockholders' equityTotal ansetsTotal liabilities and stockhalders' equity

The statement of financial position is prepared at the end of an accounting period. It shows the…

On January 1, 2021, the general ledger of Big Blas: Fireworks includes the following account balances: Credit Accounts Cash Debit $ 21, 100 40,000 Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6K, due in 3 years) Comnon stock Retained larnings $ 4,500 37,000 72,100 28,900 37,000 63,000 19.000 $172, 400 $172,400 Totals The $37.000 beginning balance of inventory consists of 370 unita, esch costing $100. During January 2021, Big Blas: Fireworks had the following inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ($1es each). January Purchase 1,700 units for S187,000 on account ($11e each). January 12 Purchase 1,s00 units for s207,000 on account ($115 each). January 15 Return 115 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,0o00. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753,000 fron custorers on accounts receivable. January 24 Pay $520,000 to inventory suppliers on accounts payable. January 27 erite off accounts receivable as uncellectible, $1,200. January 11 Pay cash for salaries during January, $121,000. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounta. The company determines $4,700 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest expense on notes payable for January. Interest is expected to be paid esch December 31. d. Accrued income taxes ot the end of January are $13,000. Prepare a clessified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a minus sign.