balance sheet , analysis, income statement

5 On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Account Cash Accounts Receivable Allowance for Uncollectible Accounts taventory Land ACCOUNT Fayable Notes Payable (. due in years) Connon Stock Based Harning Total Debit Credit $ 23, 100 39.500 $ 4,300 36,000 70,600 29.4 36,6b 62.000 37,500 $169,200 $169.200 or The $36.000 beginning balance of inventory consists of 360 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions January 3 Purchase 1.500 units for $156,000 on account (104) JAUTY #Pura 1.600 units for $174, 480 count ($10 sach) January 13 Purchase 1.700 units for $199.800 on account (8114 sach) January 15 Ratu 13 of the units purchased on January 12 because of defects January 1 sl 4.500 units on sccount for $735,000. The color thesis sold i determined wing a Fro perpetual Inventory synten. January 22 Helve $700.000 from water on accounts receivable. January 26 Pay 500,000 to Leventory supplier on ante payable January 27 write off scot receivable sollectible, 53,100. January 31 Pay cash for salaries during January, 3120,000. 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 $100 each b. The company estimates future uncollectible accounts. The company determines $4,600 of accounts receivable on January 31 are past due, and 30% 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 ledged) 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 $12.900 ACCIOUSLERS Un payu Jenery. Expected to be a vecember d. Accrued income taxes at the end of January are $12,900. General Requirement General Income Journal Ledger Trial Balance Statement Balance Sheet Analysis Using the Information from the requirements above, complete the "Analysis tab. Enter your inventory Turnover ratio and gross profit ratio value in one decimai place Analyze how well Big Blast Fireworks' manages a inventory Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory tumover rate for the month of January is 19.4 times in the company managing is inventory more or less efficiently than other companies in the same industry The inventory tumavarriti times The company managing as inventory more efficiently (True or False) (b) Calculate the gross proftratio for the month of January of the industry age gross proftrato 30%, the company more or less profitable per dollar al sales than other companies in the same industry? The gres promos is the company more or le profitable per colares? (cd together, what might the inventory tumover ratio and gross proftratio suggest tout lligat Freworks business Is the company's strategy to sell a higher volume of ass expensive or does the company appear to be seling a lower volume of more expensive tem? Based on the vertory umiered the grous profitab Bust For business strady appears to be saling ( Balance Sheet Requirement General Joumal General Ledger 10 points Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjus balances will appear for each account, based on your selection. eBook Post-closing Big Blast Fireworks Multiple-Step Income Statement For the year ended January 31, 2021 References Gross Profit $ o Total Operating Expenses Operating Income 0 Income Before Taxes 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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. Post-closing $ Assets Current Assets: Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Big Blast Fireworks Classified Balance Sheet January 31, 2021 Liabilities Current Liabilities: '$ 112,100 Accounts Payable 62,400 Interest Payable (4.270) Income Taxes Payable 14,820 0 Total Current Liabilities Notes Payable 0 38,780 240 12,900 51.920 36,000 0 185,050 87.920 Total Current Assets Long-term Assets Land Total Liabilities Stockholders' Equity Common Stock Retained Earnings 70,600 62,000 A 103,910 0 Total Assets Total Stockholders' Equity $ 255,650 Total Liabilities & Stockholders' Equity 165,910 253,830 $ 18 The following information applies to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly. Suzie thinks of another area for business expansion She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $520 each Jul. 17 Purchased 53 watches for 57,950 $150 per vatah) on account. Jul. 31 Bold 42 watches for $21,840 cash. Aug. 12 Purchased 42 watches for $6.720 ($160 per watch cash Ang. 22 Sold 32 watches for $16,640 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of 59,984 for watches sold on account on August 22. Oct. 27 Purchased 65 watches for $14,450 (5170 per watch) cash. slov. 20 Bold 92 watches for $47,840 cash. Dec. 4 Purchased 102 watches for $18,160 ($180 per watch on account. Dee. Sold 42 watches for $21.840 on account. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch Answer is not complete. General Requirement General Journal Income Ledger Trial Balance Statement Balance Sheet Prepare the journal entries for transactions. (If he entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) No Data Jul 17 General Journal Debit Credit Inventory