3D Family Fireworks

Using the General Ledger, complete the appropriate income statement and balance sheet. After, complete the analysis.

(adjusted balances given below)

(post-closing balances given below)

Require General General Journal Ledger Trial Balance Income Balance Statem... || Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Dates: Jan 02 - to: Jan 31 General Ledger Account Cash Debit Credit No. No. Date Jan 02 11 Jan 02 4 Jan 20 5 Jan 22 6 Jan 25 7 Jan 30 29,800 Accounts receivable Date | Debit Credit Jan 02 Jan 06 87,300 Jan 15 1,200 Jan 22 83,300 Balance 27,400 57,200 19,800 103,100 98,690 87,590 37,400 Balance 15,700 103,000 101,800 18,500 2 3 5 83,300 4,410 11,100 Notes receivable Debit Credit No. No. Allowance for uncollectible accounts Date Debit Credit Balance Jan 02 1,900 Jan 15 1,200 700 Jan 31 1,525 2.225 Date Jan 02 Balance 27,200 8 Interest receivable Supplies Debit Credit No. Debit Credit Balance No. Balance Date Jan 02 Jan 31 Date Jan 02 Jan 31 10 1 36 136 9 2,740 660 Land Accounts payable Debit Credit No. Debit Credit No. Date Jan 02 Balance 57,700 Date Jan 02 Jan 25 Balance 5,700 1,290 6 4,410 Salaries payable Debit Credit Common stock Debit Credit No. Balance No. Date Jan 02 Jan 31 Date Jan 02 Balance 75,800 11 28,800 28,800 Service revenue Debit Credit No. Retained earnings Date Debit Credit Jan 02 No. Balance Balance 48,000 Date Jan 02 Jan 02 Jan 06 1 2 29,800 87,300 29,800 117,100 Interest revenue Debit Credit Supplies expense Debit Credit No. Balance No. Balance Date Jan 02 Jan 31 Date Jan 02 Jan 31 10 136 136 9 2,740 2,740 Salaries expense | Debit | Credit Utilities expense | Debit Credit Balance No. Balance No. Date Jan 02 4 Jan 20 11 Jan 31 Date Jan 02 Jan 30 7 11,100 11,100 37,400 28,800 37,400 66,200 Bad debt expense Debit Credit No. Balance Date Jan 02 Jan 31 8 1,525 1,525 Require... General *** | Journal General Ledger Trial Balance Income Statem... | Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closi Dates: Jan 02 to: Jan 31 - General Ledger Account Cash Debit No. Credit No. 29,800 Accounts receivable Date Debit Credit Jan 02 Jan 06 87,300 Jan 15 1,200 Jan 22 83,300 Date Jan 02 Jan 02 Jan 20 Jan 22 Jan 25 Jan 30 Balance 27,4001 57,200 19,800 103, 100 98,690 87,590 37,400 Balance 15,700 103,000 101,800 18,500 2 3 5 4 5 6 7 83,300 4,410 11,100 Notes receivable Debit Credit No. No. Allowance for uncollectible accounts Date Debit Credit Balance Jan 02 1,900 Jan 15 1,200 700 Jan 31 1,525 2.225 Date Jan 02 Balance 27,200 3 8 Interest receivable Debit Credit Supplies Debit Credit No. Balance No. Date Jan 02 Jan 31 Date Jan 02 Jan 31 Balance 3,400 660 10 1 36 136 9 2,740 Land Accounts payable Debit Credit No. Debit Credit No. Date Jan 02 Balance 57,700 Date Jan 02 Jan 25 Balance 5,700 1,290 6 4,410 Salaries payable Debit Credit Common stock Debit | Credit No. No. Date Jan 02 Jan 31 Balance 01 28,800 Date Jan 02 Balance 75,800 11 28,800 Service revenue No. No. | Debit Credit Balance Retained earnings Date Debit Credit Jan 02 Jan 31 117,236 Jan 31 81,465 Balance 48,000 165,236 83,771 12 13 Date Jan 02 Jan 02 Jan 06 Jan 31 29,800 87,300 29,800 117,100 2 12 117,100 Interest revenue Debit Credit Supplies expense Debit Credit No. No. Balance Date Jan 02 Jan 31 Jan 31 Balance 0 136 0 Date Jan 02 Jan 31 Jan 31 136 2,740 10 12 9 13 136 2,740 2,7400 Salaries expense Utilities expense Debit Credit No. Debit Credit Balance No. Balance Date Jan 02 Jan 20 Jan 31 Jan 31 Date Jan 02 Jan 30 Jan 31 4 11 13 11,100 37,400 28.800 37,400 66,200 7 13 11,100 100 11,000 66,200 No. Balance Bad debt expense Date Debit Credit Jan 02 Jan 31 1,525 Jan 31 1,525 1,525 8 13 General General Trial Income Balance Require... Analysis Journal | Ledger Balance Statem... | Sheet 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. Show less A Adjusted - Dates: Jan 02 to: Jan 31 3D FAMILY FIREWORKS Income Statement For the Month Ended January 31, 2021 Revenues: - Total revenues Expenses: Total expenses General General | Trial Income Balance Require... *** | Journal | Ledger Analysis Balance Statem... Sheet 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. Show less Adjusted Dates: Jan 02 to: Jan 31 3D FAMILY FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 - of Total Current Liabilities 0 01 or OP 0 Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity 02 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets | General General Require... || Journal | Ledger Trial Balance Income Balance Statem... |Sheet Analysis - Using the information from the requirements above, complete the 'Analysis' tab. (Enter your Accounts receivable turnover ratio in 1 decimal place and Ratio of allowance for uncollectible accounts in whole number.) Show less Adjusted Dates: Jan 02 - to: Jan 31 Analyze how well 3D Family Fireworks manages its receivables (a) Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). If the industry average of the receivables turnover ratios for the month of January is 4.2 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover: times The company is collecting more efficiently. (true or false) |(b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable Should the company expect improving or worsening conditions?