Can you please help with the incorrect ones and incomplete ones?

Required information Exercise 6-21B Complete the accounting cycle using inventory transactions (L06-2, 6-3, 6-5, 6-6, 6-7) (The following information applies to the questions displayed below.) On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 23,500 40,500 $ 4,700 38,000 73,600 28,400 38,000 64,000 40,500 $ 175,600 $ 175,600 The $38,000 beginning balance of inventory consists of 380 units, each costing $100. During January Year 1, the company had the following inventory transactions: January 3 Purchase 1,700 units for $180,200 on account ($106 each). January 8 Purchase 1,800 units for $199,800 on account ($111 cach). January 12 Purchase 1,900 units for $220,400 on account ($116 each). January 15 Return 140 of the units purchased on January 12 because of defects. January 19 Sell 5,500 units on account for $825,000. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $797,000 from customers on accounts re January 24 Pay $580,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible. $3.300. January 31 Pay cash for salaries during January, $122,000. The following information is available on January 31, Year 1. 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 $4,800 of accounts receivable on January 31 are past due, and 40% 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.) 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 $13,100. Exercise 6-21B Part 2 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 $4,800 of accounts receivable on January 31 are past due, and 40% 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.) 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 $13,100. 2. Record adjusting entries on January 31 for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No General Journal Credit Date January 31 Debit 7,760 X Costs of goods sold Inventory 7,760 X January 31 3,540 Bad debt expense Allowance for uncollectible accounts 3,540 January 31 0 285 Interest expense Interest payable 285 4 January 31 13,100 Income tax expense Income tax payable 13,100 Exercise 6-21B Part 3 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. At the end of January, $4,800 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. 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 $13,100. 3. Prepare an adjusted trial balance as of January 31, Year 1. * Answer is complete but not entirely correct. Credit 4,940 Adjusted Trial Balance January 31, Year 1 Accounts Debit Cash $ 118,500 Accounts receivable 65,200 Allowance for uncollectible accounts Inventory 9,860 Land 73,600 Accounts payable Interest payable Income tax payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold 605,920 X Salaries expense 122,000 Bad debt expense 3,540 Interest expense 285 Income tax expense 13,100 Totals $1,012,005 26,180 285 13,100 38,000 64,000 40,500 825,000 $1,012,005 Exercise 6-21B Part 4 4. Prepare a multiple-step income statement for the period ended January 31, Year 1. Answer is not complete. Multiple-step Income Statement For the year ended January 31, Year 1 $ 825,000 (607,280) Sales revenue Cost of goods sold $ 217,720 X Gross profit Salaries expense Bad debt expense 122,000 3,540 125,540 Total operating expenses Operating income (loss) Exercise 6-21B Part 6 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No General Journal Debit Credit Date January 31 825,000 Sales revenue Retained earnings 825,000 January 31 746,205 X Retained earnings Cost of goods sold Salaries expense Bad debt expense Interest expense Income tax expense 607,280 X 122,000 3,540 285 13,100 7. Analyze how well the company manages its inventory: a-1. Calculate the inventory turnover ratio for the month of January. (Round your final answer to 1 decimal place) Answer is complete but not entirely correct. The Inventory turnover ratio 26.1% a-2. If the industry average of the inventory turnover ratio for the month of January is 18.5 times, is the company managing its inventory more or less efficiently than other companies in the same industry? More O Less b-1. Calculate the gross profit ratio for the month of January. (Round your final answer to 1 decimal place) Answer is complete but not entirely correct. The Gross Profit Ratio is 26.4 %