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i dont know what i am missing on this problem
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Ch On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77,300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 During January Year 1, the following transactions occur: January 2 Provide services to customers for cash, $38,100. January 6 Provide services to customers on account, $75,400. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800. TE 20 D. Ach for 14 dana 14 January 30 Pay cash for utilities during January, $14,000. 5. Prepare a classified balance sheet as of January 31, Year 1. (Deductible amount should be indicated with by a minus sign.) Balance Sheet January 31, Year 1 Assets Llabilities Current Assets Cash S Current Liabilities Accounts Payable Salaries Payable 84.100 15,100 $ 2.450 33,800 Accounts Receivable by. Balance Sheet January 31, Year 1 Assets Assets Liabilities $ Current Assets Cash Accounts Receivable Supplies Current Liabilities 84.100 Accounts Payable 15 100 Salanes Payable 850 2.450 33 800 Interest Receivable 115 Total Current Liabilities 36 250 Total Current Liabilities 36.250 36 250 Total Current Assets Long-term assets Notes Receivable Land 100,165 Total Liabilities Stockholders' Equity 23 000 Common Stock 77 300 Retained Earnings 99 000 63 865 Total Stockholders' Equity 200 465 Total Liabilities & Stockholders' Equity 162,665 198,915 Total Assets $ $ On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 13,900 Allowance for Uncollectible Accounts $ 1,550 Supplies 2,800 Notes Receivable (6%, due in 2 years) 23,000 Land 77,300 Accounts Payable 8,250 Common Stock 99,000 Retained Earnings 32,700 Totals $141,500 $141,500 During January Year 1. the following transactions occur: January 2 Provide services to customers for cash, $38, 100. January 6 Provide services to customers on account, $75,408. January 15 Write off accounts receivable as uncollectible, $1,200. January 20 Pay cash for salaries, $31,700. January 22 Receive cash on accounts receivable, $73,000. January 25 Pay cash on accounts payable, $5,800 January 30 Pay cash for utilities during January, $14,000. 7. Analyze how well a company manages its receivables: 0-1. Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). (Round your final answer to 1 decimal place.) . The receivables tumover ratio is 0-2. If the industry average of the receivables turnover ratios for the month of January is 4.1 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry
