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On January 1, 2024, the general ledger of a company includes the following account balances: During January 2024, the following transactions occur: Sanuary 1 purehase equipenat tor \$21,060. The company eatiates a reeidual walon of 13,000 and a air-year aervice 1 ile. Janaary 4 Tay cash on aecoonts payable, $11,000. Jatuary B Furchase additional inventery on aceoust, 597,900 . Sanianry is heeive eash on accesten receivable, $23,500. January 19 Pay eash tor Galaries, 131,300 . Janusry 20 Pay eash for Jenuary utililien, 013,000 Sonvary so saies for Jnnunty total 1235,000, A11 of thene sales are on account. the cost of the unita nold in s122, 500 . Information for adjusting entries: a. Depreciation on the equipment for the momh of January is calCulated using the straight-line method b. The company records an adjusting entry for $3,250 for estimated future uncoliectible accounts. c. The company has accrued interest on notes recelvable for January. d. Unphid solaries owed to employees at the end of January are $34,100 Jabuary 30 sales tor January total $235,000. All of these salen are on aecount. The cont of the units soid is s122, 500. Informotion for adjusting entries. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $3,250 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. d. Unpaid sablaries owed to employees at the end of January are $34,100. e. The company accrued income taxes at the end of January $10,500. Required: 1. Record each of the transactions listed above. 2. Record the odjusting entries on January 31 for the above transactions. 3. Prepare an adjusted trial balance as of January 31,2024 . 4. Prepare a multiple-step income statement for the period ended January 31,2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entrics. 7. Analyze how well the compery manages its assets: Requirement 7 : a-1. Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of / anuary. Requirement 7b: b-1. If the average return on assets for the industry in January is 2%, is the company more or less profitable than other companies in the same industry? b-2. If the industry average pront margin is 3%, is the compary move or hess efficient at converting sales to profit than other companies in the same industry? b-3. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? Complete this question by entering your answers in the tabs below. Journal entry worksheet 234567 Purchase equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. Note: Enter debits before credits. Journal entry worksheet 5 Depreciation on the equipment for the month of January is calculated using the straight-line method. Record the adjusting entry for depreciation. Note: Enter debits before credits. b-3. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing rev assets than other companies in the same industry? Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement for the period ended January 31, 2024. Prepare a classifled balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Calculate the retum on assets ratio, profit margin and asset turnover ratio for the month of January. If the everage return on assets for the industry in January is 2%, is the company more or less proftable than other comparles in the same industry? If the industry average profit margin is 3%, is the company more or less efficient at converting sales to profit than other companies in the same industry? b-2. If twe industry average profit margin is 3%, is the company more or less efficient at converting sales to profit than other companies in the same lidusiry? If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenves with its assets thar other companies in the same industry? b-3. If tho industry averoge asset tumovor is 0,4 times per month, is the conpary more or loss eficiont ot producing revenues With its assets than other companies in the same industry? On January 1, 2024, the general ledger of a company includes the following account balances: During January 2024, the following transactions occur: Sanuary 1 purehase equipenat tor \$21,060. The company eatiates a reeidual walon of 13,000 and a air-year aervice 1 ile. Janaary 4 Tay cash on aecoonts payable, $11,000. Jatuary B Furchase additional inventery on aceoust, 597,900 . Sanianry is heeive eash on accesten receivable, $23,500. January 19 Pay eash tor Galaries, 131,300 . Janusry 20 Pay eash for Jenuary utililien, 013,000 Sonvary so saies for Jnnunty total 1235,000, A11 of thene sales are on account. the cost of the unita nold in s122, 500 . Information for adjusting entries: a. Depreciation on the equipment for the momh of January is calCulated using the straight-line method b. The company records an adjusting entry for $3,250 for estimated future uncoliectible accounts. c. The company has accrued interest on notes recelvable for January. d. Unphid solaries owed to employees at the end of January are $34,100 Jabuary 30 sales tor January total $235,000. All of these salen are on aecount. The cont of the units soid is s122, 500. Informotion for adjusting entries. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $3,250 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. d. Unpaid sablaries owed to employees at the end of January are $34,100. e. The company accrued income taxes at the end of January $10,500. Required: 1. Record each of the transactions listed above. 2. Record the odjusting entries on January 31 for the above transactions. 3. Prepare an adjusted trial balance as of January 31,2024 . 4. Prepare a multiple-step income statement for the period ended January 31,2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entrics. 7. Analyze how well the compery manages its assets: Requirement 7 : a-1. Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of / anuary. Requirement 7b: b-1. If the average return on assets for the industry in January is 2%, is the company more or less profitable than other companies in the same industry? b-2. If the industry average pront margin is 3%, is the compary move or hess efficient at converting sales to profit than other companies in the same industry? b-3. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? Complete this question by entering your answers in the tabs below. Journal entry worksheet 234567 Purchase equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. Note: Enter debits before credits. Journal entry worksheet 5 Depreciation on the equipment for the month of January is calculated using the straight-line method. Record the adjusting entry for depreciation. Note: Enter debits before credits. b-3. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing rev assets than other companies in the same industry? Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement for the period ended January 31, 2024. Prepare a classifled balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Calculate the retum on assets ratio, profit margin and asset turnover ratio for the month of January. If the everage return on assets for the industry in January is 2%, is the company more or less proftable than other comparles in the same industry? If the industry average profit margin is 3%, is the company more or less efficient at converting sales to profit than other companies in the same industry? b-2. If twe industry average profit margin is 3%, is the company more or less efficient at converting sales to profit than other companies in the same lidusiry? If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenves with its assets thar other companies in the same industry? b-3. If tho industry averoge asset tumovor is 0,4 times per month, is the conpary more or loss eficiont ot producing revenues With its assets than other companies in the same industry