a) Record purchase of 1,150 units for $121,900 on account ($106 each).

b) Record purchase of 1,250 units for $138,750 on account ($111 each).

c) Record purchase of 1,350 units for $156,600 on account ($116 each).

d) Record the return of 165 of the units purchased on January 12 because of defects.

e) Record the sale of 3,900 units on account for $624,000.

f) Record the cost of the units sold, which is determined using a FIFO perpetual inventory system.

g) Record the receipt of $573,000 from customers on accounts receivable.

h) Record the payment of $380,000 to inventory suppliers on accounts payable.

i) Record the write off of accounts receivable as uncollectible, $2,200.

j) Record the payment of cash for salaries during January, $132,000.

k) At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. Record the adjusting entry for inventory.

l) The company estimates future uncollectible accounts. The company determines $5,300 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 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts.

m) Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Record the adjusting entry for interest.

n) Accrued income taxes at the end of January are $13,600. Record the adjusting entry for income tax.

o) Record the closing entry for revenue.

p) Record the closing entry for expenses.

Please help make the Income Statement, Balance Sheet and Analysis.

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $24,500 43,000 Cash Accounts Receivable Allowance for Uncollectible Accounts 2,900 43,000 81,100 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 28,700 43,000 69,000 48,000 Common Stock Retained Earnings $191,600 $191,600 Totals The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: 3 Purchase 1,150 units for $121,900 on account ($106 each). 8 Purchase 1,250 units for $138,750 on account ($111 each). January January January 12 Purchase 1,350 units for $156,600 on account ($116 each). January 15 Return 165 of the units purchased on January 12 because of defects January 19 Sell 3,900 units on account for $624,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $573,000 from customers on accounts receivable January 24 Pay $380,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,200 January 31 Pay cash for salaries during January, $132,000. 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 $1000 each b. The company estimates future uncollectible accounts. The company determines $5,300 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 3% 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 each December 31. d. Accrued income taxes at the end of January are $13,600. No Date Account Title Debit Credit 1 121,900 Jan 03 Inventory 121,900 Accounts Payable 2 Jan 08 Inventory 138,750 Accounts Payable 138,750 Inventory 156,600 3 Jan 12 Accounts Payable 156,600 Accounts Payable Jan 15 19,140 4 Inventory 19,140 Jan 19 624,000 5 Accounts Receivable Sales Revenue 624,000 6 Jan 19 427,770 Cost of Goods Sold Inventory 427,770 573,000 7 Jan 22 Cash Accounts Receivable 573,000 8 Jan 24 Accounts Payable 380,000 Cash 380,000 Allowance for Uncollectible Accounts Jan 27 2,200 2,200 Accounts Receivable Salaries Expense 10 Jan 31 132,000 Cash 132,000 1,840 11 Jan 31 Cost of Goods Sold Inventory 1,840 Bad Debt Expense 12 Jan 31 3,750 Allowance for Uncollectible Accounts 3,750 Jan 31 Interest Expense 215 13 Interest Payable 215 Income Tax Expense 14 Jan 31 13,600 Income Taxes Payable 13,600 15 Jan 31 Sales Revenue 624,000 Retained Earnings 624,000 Retained Earnings 16 Jan 31 579,175 Cost of Goods Sold 429,610 Bad Debt Expense 3,750 Income Tax Expense 13,600 Interest Expense 215 Salaries Expense 132,000 Big Blast Fireworks Trial Balance January 31, 2021 Debit Credit Account Title Cash $ 85,500 Accounts Receivable 91,800 Allowance for Uncollectible Accounts 4,450 Inventory 11,500 Land 81,100 Accounts Payable 46,810 Interest Payable 215 Income Taxes Payable 13,600 Notes Payable Common Stock 43,000 69,000 Retained Earnings 92,825 Total 269,900 $ 269,900 General General Income Trial Balance Requirement Balance Sheet Analysis Journal Ledger Statement Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post- balances will appear for each account, based on your selection. Unadjusted Big Blast Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 $ Gross Profit 0 Total Operating Expenses 0 Operating Income 0 Income Before Taxes 0 $ 0 Unadjusted Big Blast Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Liabil ities: Current Assets: S 0 Total Current Liabilities 0 Total Current Assets 0 Total Liabilities 0 Stockholders' Equity Long-term Assets Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity S Total Assets rldi Ddidice Kequiremenu Ddldnce Srieet Andlysis Journal Ledger Statement Using the information from the requirements above, complete the 'Analysis' tab. Enter your Inventory Turnover ratio and gross profit ratio value in Analyze how well Big Blast Fireworks' manages its inventory: f the inventory turnover ratio for the month of January is 13.2 times, is the com (a) Calculate the inventory turnover ratio for the month of January. If the industry average managing its inventory more or less efficiently than other companies in the same industry? The inventory turnover ratio is: times The company managing its inventory more efficiently. (True or False) less profitable per dollar of sales than (b) Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 33%, is the company more o companies in the same industry? % The gross profit ratio is: Is the company more or less profitable per dollar of sales? loSuggest about Big Blast Used together, what might the inventory turnover ratio and volume of less expensive items or does the company appear to be selling a lower volu me of more Fireworks' business strategy? Is the company's strategy to sell a expensive items? Based on the inventory tumover ratio and the gross profit ratio, Big Blast Fireworks' business strategy appears to be selling a KBalance Sheet Analysis On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $24,500 43,000 Cash Accounts Receivable Allowance for Uncollectible Accounts 2,900 43,000 81,100 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 28,700 43,000 69,000 48,000 Common Stock Retained Earnings $191,600 $191,600 Totals The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: 3 Purchase 1,150 units for $121,900 on account ($106 each). 8 Purchase 1,250 units for $138,750 on account ($111 each). January January January 12 Purchase 1,350 units for $156,600 on account ($116 each). January 15 Return 165 of the units purchased on January 12 because of defects January 19 Sell 3,900 units on account for $624,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $573,000 from customers on accounts receivable January 24 Pay $380,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,200 January 31 Pay cash for salaries during January, $132,000. 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 $1000 each b. The company estimates future uncollectible accounts. The company determines $5,300 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 3% 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 each December 31. d. Accrued income taxes at the end of January are $13,600. No Date Account Title Debit Credit 1 121,900 Jan 03 Inventory 121,900 Accounts Payable 2 Jan 08 Inventory 138,750 Accounts Payable 138,750 Inventory 156,600 3 Jan 12 Accounts Payable 156,600 Accounts Payable Jan 15 19,140 4 Inventory 19,140 Jan 19 624,000 5 Accounts Receivable Sales Revenue 624,000 6 Jan 19 427,770 Cost of Goods Sold Inventory 427,770 573,000 7 Jan 22 Cash Accounts Receivable 573,000 8 Jan 24 Accounts Payable 380,000 Cash 380,000 Allowance for Uncollectible Accounts Jan 27 2,200 2,200 Accounts Receivable Salaries Expense 10 Jan 31 132,000 Cash 132,000 1,840 11 Jan 31 Cost of Goods Sold Inventory 1,840 Bad Debt Expense 12 Jan 31 3,750 Allowance for Uncollectible Accounts 3,750 Jan 31 Interest Expense 215 13 Interest Payable 215 Income Tax Expense 14 Jan 31 13,600 Income Taxes Payable 13,600 15 Jan 31 Sales Revenue 624,000 Retained Earnings 624,000 Retained Earnings 16 Jan 31 579,175 Cost of Goods Sold 429,610 Bad Debt Expense 3,750 Income Tax Expense 13,600 Interest Expense 215 Salaries Expense 132,000 Big Blast Fireworks Trial Balance January 31, 2021 Debit Credit Account Title Cash $ 85,500 Accounts Receivable 91,800 Allowance for Uncollectible Accounts 4,450 Inventory 11,500 Land 81,100 Accounts Payable 46,810 Interest Payable 215 Income Taxes Payable 13,600 Notes Payable Common Stock 43,000 69,000 Retained Earnings 92,825 Total 269,900 $ 269,900 General General Income Trial Balance Requirement Balance Sheet Analysis Journal Ledger Statement Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post- balances will appear for each account, based on your selection. Unadjusted Big Blast Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 $ Gross Profit 0 Total Operating Expenses 0 Operating Income 0 Income Before Taxes 0 $ 0 Unadjusted Big Blast Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Liabil ities: Current Assets: S 0 Total Current Liabilities 0 Total Current Assets 0 Total Liabilities 0 Stockholders' Equity Long-term Assets Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity S Total Assets rldi Ddidice Kequiremenu Ddldnce Srieet Andlysis Journal Ledger Statement Using the information from the requirements above, complete the 'Analysis' tab. Enter your Inventory Turnover ratio and gross profit ratio value in Analyze how well Big Blast Fireworks' manages its inventory: f the inventory turnover ratio for the month of January is 13.2 times, is the com (a) Calculate the inventory turnover ratio for the month of January. If the industry average managing its inventory more or less efficiently than other companies in the same industry? The inventory turnover ratio is: times The company managing its inventory more efficiently. (True or False) less profitable per dollar of sales than (b) Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 33%, is the company more o companies in the same industry? % The gross profit ratio is: Is the company more or less profitable per dollar of sales? loSuggest about Big Blast Used together, what might the inventory turnover ratio and volume of less expensive items or does the company appear to be selling a lower volu me of more Fireworks' business strategy? Is the company's strategy to sell a expensive items? Based on the inventory tumover ratio and the gross profit ratio, Big Blast Fireworks' business strategy appears to be selling a KBalance Sheet Analysis