Adjusted \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 3D Family Fireworks } \\ \hline \multicolumn{5}{|c|}{ Balance Sheet } \\ \hline \multicolumn{5}{|c|}{ January 31, 2024} \\ \hline \multicolumn{3}{|c|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities } \\ \hline Current Assets: & & & Current Liabilities: & \\ \hline & $ & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & Total Current Liabilities & 0 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Total Current Assets & & 0 & Total Liabilities & 0 \\ \hline Long-term assets: & & & Stockholders' Equity & \\ \hline & & & & 0 \\ \hline & & & & 0 \\ \hline & & & & 0 \\ \hline & & & Total Stockholders' Equity & 0 \\ \hline Total Assets & $ & 0 & Total Liabilities \& Stockholders' Equity & $ \\ \hline \end{tabular} On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January2January6January15January20January22January25January30Provideservicestocustomersforcash,$44,100.Provideservicestocustomersonaccount,$81,400.Writeoffaccountsreceivableasuncollectible,$2,200.(Assumethecompanyusestheallowancemethod)Paycashforsalaries,$32,300.Receivecashonaccountsreceivable,$79,000.Paycashonaccountspayable,$6,400.PaycashforutilitiesduringJanuary,$14,600. January 2 Provide services to customers for cash, $44,100. January 6 Provide services to customers on account, $81,400. January 15 Write off accounts receivable as uncollectible, $2,200. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $32,300. January 22 Receive cash on accounts receivable, $79,000. January 25 Pay cash on accounts payable, $6,400. January 30 Pay cash for utilities during January, $14,600. The following information is available on January 31,2024. a. The company estimates future uncollectible accounts. The company determines $5,900 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $700. All other supplies have been used. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $34,400. Adjusted \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ 3D Family Fireworks } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline For Month Ended January 31, 2024 \\ \hline & & \\ \hline & & \\ \hline Revenue: & & $ \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & $ \\ \hline Total Expenses & & \\ \hline \end{tabular} (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? \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & General J & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & January 02, 2024 & Cash & & 44,100 & \\ \hline & & Accounts Payable & x & & 44,100 \\ \hline \multirow[t]{2}{*}{2} & January 06, 2024 & Accounts Receivable & & 81,400 & \\ \hline & & Service Revenue & 2 & & 81,400 \\ \hline \multirow[t]{2}{*}{3} & January 15,2024 & Allowance for Uncollectible Accounts & 2 & 2,200 & \\ \hline & & Accounts Receivable & 2 & & 2,200 \\ \hline \multirow[t]{2}{*}{4} & January 20,2024 & Salaries Expense & & 32,300 & \\ \hline & & Cash & & & 32,300 \\ \hline \multirow[t]{2}{*}{5} & January 22, 2024 & Cash & 2 & 79,000 & \\ \hline & & Accounts Receivable & 2 & & 79,000 \\ \hline \multirow[t]{2}{*}{6} & January 25,2024 & Accounts Payable & 2 & 6,400 & \\ \hline & & Cash & 2 & & 6,400 \\ \hline \multirow[t]{2}{*}{7} & January 30,2024 & Utilities Expense & & 14,600 & \\ \hline & & Cash & 2 & & 14,600 \\ \hline \multirow[t]{2}{*}{8} & January 31, 2024 & Bad Debt Expense & 2 & & \\ \hline & & Allowance for Uncollectible Accounts & 2 & & \\ \hline 9 & January 31, 2024 & No Journal Entry Required & x & & \\ \hline 10 & January 31, 2024 & No Journal Entry Required & & & \\ \hline 11 & January 31, 2024 & No Journal Entry Required & & & \\ \hline 12 & January 31,2024 & No Journal Entry Required & x & & \\ \hline 13 & January 31, 2024 & No Journal Entry Required & x & & \\ \hline \end{tabular} Adjusted \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 3D Family Fireworks } \\ \hline \multicolumn{5}{|c|}{ Balance Sheet } \\ \hline \multicolumn{5}{|c|}{ January 31, 2024} \\ \hline \multicolumn{3}{|c|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities } \\ \hline Current Assets: & & & Current Liabilities: & \\ \hline & $ & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & & \\ \hline & & 0 & Total Current Liabilities & 0 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Total Current Assets & & 0 & Total Liabilities & 0 \\ \hline Long-term assets: & & & Stockholders' Equity & \\ \hline & & & & 0 \\ \hline & & & & 0 \\ \hline & & & & 0 \\ \hline & & & Total Stockholders' Equity & 0 \\ \hline Total Assets & $ & 0 & Total Liabilities \& Stockholders' Equity & $ \\ \hline \end{tabular} On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January2January6January15January20January22January25January30Provideservicestocustomersforcash,$44,100.Provideservicestocustomersonaccount,$81,400.Writeoffaccountsreceivableasuncollectible,$2,200.(Assumethecompanyusestheallowancemethod)Paycashforsalaries,$32,300.Receivecashonaccountsreceivable,$79,000.Paycashonaccountspayable,$6,400.PaycashforutilitiesduringJanuary,$14,600. January 2 Provide services to customers for cash, $44,100. January 6 Provide services to customers on account, $81,400. January 15 Write off accounts receivable as uncollectible, $2,200. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $32,300. January 22 Receive cash on accounts receivable, $79,000. January 25 Pay cash on accounts payable, $6,400. January 30 Pay cash for utilities during January, $14,600. The following information is available on January 31,2024. a. The company estimates future uncollectible accounts. The company determines $5,900 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $5,900 past due and the remaining amount not past due.) b. Supplies at the end of January total $700. All other supplies have been used. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $34,400. Adjusted \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ 3D Family Fireworks } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline For Month Ended January 31, 2024 \\ \hline & & \\ \hline & & \\ \hline Revenue: & & $ \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & $ \\ \hline Total Expenses & & \\ \hline \end{tabular} (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? \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & General J & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & January 02, 2024 & Cash & & 44,100 & \\ \hline & & Accounts Payable & x & & 44,100 \\ \hline \multirow[t]{2}{*}{2} & January 06, 2024 & Accounts Receivable & & 81,400 & \\ \hline & & Service Revenue & 2 & & 81,400 \\ \hline \multirow[t]{2}{*}{3} & January 15,2024 & Allowance for Uncollectible Accounts & 2 & 2,200 & \\ \hline & & Accounts Receivable & 2 & & 2,200 \\ \hline \multirow[t]{2}{*}{4} & January 20,2024 & Salaries Expense & & 32,300 & \\ \hline & & Cash & & & 32,300 \\ \hline \multirow[t]{2}{*}{5} & January 22, 2024 & Cash & 2 & 79,000 & \\ \hline & & Accounts Receivable & 2 & & 79,000 \\ \hline \multirow[t]{2}{*}{6} & January 25,2024 & Accounts Payable & 2 & 6,400 & \\ \hline & & Cash & 2 & & 6,400 \\ \hline \multirow[t]{2}{*}{7} & January 30,2024 & Utilities Expense & & 14,600 & \\ \hline & & Cash & 2 & & 14,600 \\ \hline \multirow[t]{2}{*}{8} & January 31, 2024 & Bad Debt Expense & 2 & & \\ \hline & & Allowance for Uncollectible Accounts & 2 & & \\ \hline 9 & January 31, 2024 & No Journal Entry Required & x & & \\ \hline 10 & January 31, 2024 & No Journal Entry Required & & & \\ \hline 11 & January 31, 2024 & No Journal Entry Required & & & \\ \hline 12 & January 31,2024 & No Journal Entry Required & x & & \\ \hline 13 & January 31, 2024 & No Journal Entry Required & x & & \\ \hline \end{tabular}