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Exercise 8-31 (Algo) General Ledger Exercise; Receivable and inventory transactions (LC 1, 8-3, 8-5] On January 1, 2021, the general ledger of Tripley Company Included the following account balances: Credit Debit $2e2,eee 62, eee $ 29, 2ee 32,2ee 182, 2ee 32,eee Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accumulated depreciation Land Accounts payable Notes payable (8%, due in 3 years) Common stock Retained earnings Totals 244, eee 13, 168,eee 122, eee 241, 2ee $722,400 $722,488 The $32,200 beginning balance of Inventory consists of 322 units, each costing $100. During January 2021, the company had the following transactions: January 2tent $42,892 to an employee by accepting a 6% note due in six months. 5 Purchased 4,688 units of inventory on account for $566 ,eee ($119 each) with terms 1/18, n/30. Returned 180 defective units of inventory purchased on January 5. 15 Sold 4,489 units of inventory on account for $668,800 ($152 each) with terms 2/10, n/30. 17 Customers returned 200 units sold on January 15. These units were initially purchased by the compan on January 5. The units are placed in inventory to be sold in the future. 20 Received cash fror customers on accounts receivable. This amount includes $38,2ee from 2020 plus amount receivable on sale of 3,300 units sold on January 15. 21 wrote off remaining accounts receivable from 2020. 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus t amount owed from purchase of 4, 20e units on January 5. 28 Paid cash for salaries during January, $50,000. 29 Paid cash for utilities during January, $32,000. e paid dividends, $5,zee. Month-end adjusting entles. 8. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued Interest revenue on notes receivable for January G. Accrued interest expense on notes payable for January d. Accrued income taxes at the end of January for $7,200. e. Depreclation on the building. $4,200. General General Income Requirement Trial Balance Balance Sheet Analysis NL- remaining accounts receivable, the company estimates that 10% WII ed interest revenue on notes receivable for January ed Interest expense on notes payable for January ed Income taxes at the end of January for $7,200. Eclation on the building, $4,200. Analysis Trial Balance Balance Sheet Income Statement General Ledger General Journal ement the information from the requirements above, complete the 'Analysis' tab. (Enter your inventory turnover rati ratio in 1 decimal place.) Dates: Jan 02 to: Jan ted Analyze how well 3D Family Fireworks manages its receivables Iculate the inventory turnover ratio for the month of January. If the industry average of the inventory turnover ratio for the of January is 4.5 times, is the company selling its inventory more or less quickly than other companies in the same industry? times nventory turnover ratio is: False company is managing its inventory more efficiently. (true or false) Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 44%, is the company more or profitable per dollar of sales than other companies in the same industry? % gross profit ratio is: True e company is more profitable than other companies. Used together, what might the inventory turnover ratio and gross profit ratio suggest about the company's business strategy? Is e company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of ore expensive items? ne company's business strategy appears to be selling higher volume of less profitable