1. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select No journal entry required in the first account

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts

Requirement No. No. No. No. Each journal entry is posted automatically to the general ledger. The unadjusted,

1. Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

1 2 Record the cash paid on accounts payable, $11,000. Record the purchase of equipment for $21,000. The 7 8 Record the sale of fireworks in January, $235,000. All of these sales are on account. Record the cost of 13 Record the adjusting entry for income tax. 14 Record the closing entry for revenue. 15 Record the closing 2. Prepare an income statement for the period ended January 31, 2021. 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.

Gross profit TNT Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 Total operating 3. Prepare a classified balance sheet as of January 31, 2021. 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.

Current assets: Assets Total current assets Noncurrent assets: Total assets TNT Fireworks Balance Sheet 4. Using the previous requirements from above, complete the "Analysis."

Analyze how well TNT Fireworks manages its assets: (a) Calculate the return on assets ratio for the month of

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts. Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings. Totals. Debit $ 60,200 28,000 37,800 30,000 170,000 Credit $ 3,700 16,300 235,000 71,000 $ 326,000 $326,000 During January 2021, the following transactions occurred: January 1 Purchased equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. January 4 Paid cash on accounts payable, $11,000. January 8 Purchased additional inventory on account, $97,900. January 15 Received cash on accounts receivable, $23,500 January 19 Paid cash for salaries, $31,300. January 28 Paid cash for January utilities, $18,000. January 30 Firework sales for January totaled $235,000. All of these sales were on account. The cost of the units sold was $122,500. c. Accrued interest revenue on notes receivable for January. d. Unpaid salaries at the end of January are $34,100. e. Accrued income taxes at the end of January are $10,500. The following information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. At the end of January, $4,500 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. The note receivable of $30,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.