Complete the accounting E7-21 On January 122. the prof INT wo includes the following account Eyewing long term Balance Account Credit Debi $ 58,700 25.000 $ 2.200 Account Receive Allowance for Uncle Inventory Notes Receivable de 2 years Land Accounts Payable Common Stock Retained ning Total 36.300 12.000 155.000 14.300 220.000 50.000 $287.000 $287.000 During my three January 1512.500. The company times valora Sandale January Pay chon January Purchase try net 52.900 OUTER LA 385 January 19 w can for 2.00 January 3 yeah olarare, January 30 Perwerk sale for many total 21. delen account The cost of the natal 5115.000 Required 1. Record each of the ancimited stove 2. Recurd adjusting entries on Jumuary 1 Deprecatence the equipment for the calculated using the straight 1. At the end of January 3.000 and the company estimates that of the count will be did. Of the remaining account receivable, the company times that will be collected the teevable of $12.000 becodered fully and she died in the estimate welche con Accred interest on notes 4. Limpadaries at the end of 532.00 Accredincome taxes at the end of any.00 Trepare an adjusted trial balance salary updating beginning balance abel for transactions during Jamary and incenties at the end at January (2) 4. Prepare a multiple income talement for the dry Shorea dawled balance sheet oma 6 Record comments 7. Anahew well TNT manages i Caldate the returns to the the average retum assets for the industry in January 2, the profitable than other cm in the same industry 1. Calculate the peole margine the end profit marginha, the company incoming sales pruit than other companies in the comedy Calculate the true to the theory warme turne is 0.5 times per month the clients producing revenes with its awes than the companies in the came industry a connect PROBLEMS: SET A P7-1A The Italian Bad Company and water 570.00An old building Determine on the propertywa demolished and contracting willing Cobined cond during the first year building - Demon of abung Sale of salvaged at Architects for new building $9.000 1.1001 20.000 Complete the accounting cycle using long-term structions 407-4, 7- E7-21 On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Credit Debit $ 58.700 25.000 $ 2.200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (SK, due in 2 years! Land Accounts Payable Common Stock Retained Earnings Total 36,300 12.000 155.000 14,800 220.000 50.000 $287.000 $287.000 During January 2021, the following transactions occur. January 1 Purchase equipment for $19.500 The company estimates a residual value of $1.500 and a five-year service life. January Pay cash on accounts payable, 59,500 January Purchase additional mentory on account. $82.900. 385 CHAPTER 7 Long-Term Aniets January 15 Receive cash on accounts receivable, 532.000 January 19 Pay cash for salaries, $29.800 January 26 Pay cash for January utilities, $16.500 January 30 Firework sales for January total $220,000. All of these sales are an account. The cost of the units sold is $115.000 Required: 1. Record each of the transactions listed above 2. Record adjusting entries on January 31 Depreciation on the equipment for the month of January is calculated using the straight line method b. At the end of January $3,000 of accounts receivable are past dee, and the company estimates that 50% of these accounts will not be collected of the remaining accounts receivable, the company estimates that will not be collected. The not receivable of $12,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts Accrued interest revenge on notes receivable for January d. Unpaid salaries at the end of January ate 532.600. e. Accrued income taxes at the end of January are $9,000 3. Prepare an adjusted trial balance as of January 31, 2021, after updating beginning balances (above) for transactions during January remen 1) and adjusting entries at the end of January purement 2) 6. Prepare a multiple step income statement for the period ended January 31, 2021. 5. Prepare a classified balance sheet as of January 31, 2021 6. Record closing entries, 7. Analyze how well TNT Fireworks manages its assets 4. Calculate the return on assets ratio for the month of January. If the average retum on assets for the industry in January is 2% is the company or less proditable than other companies in the same industry! b. Calculate the profit margin for the month of January. If the industry average profit margin i 4%, is the company more or less efficient at converting sales to profit than other companies in the same industry? Calculate the setturnover ratio for the month of January. If the industry average are turnover is 0.5 times per month, is the company more or leu efficient at producing revenues with its assets than other companies in the same industry? Complete the accounting E7-21 On January 122. the prof INT wo includes the following account Eyewing long term Balance Account Credit Debi $ 58,700 25.000 $ 2.200 Account Receive Allowance for Uncle Inventory Notes Receivable de 2 years Land Accounts Payable Common Stock Retained ning Total 36.300 12.000 155.000 14.300 220.000 50.000 $287.000 $287.000 During my three January 1512.500. The company times valora Sandale January Pay chon January Purchase try net 52.900 OUTER LA 385 January 19 w can for 2.00 January 3 yeah olarare, January 30 Perwerk sale for many total 21. delen account The cost of the natal 5115.000 Required 1. Record each of the ancimited stove 2. Recurd adjusting entries on Jumuary 1 Deprecatence the equipment for the calculated using the straight 1. At the end of January 3.000 and the company estimates that of the count will be did. Of the remaining account receivable, the company times that will be collected the teevable of $12.000 becodered fully and she died in the estimate welche con Accred interest on notes 4. Limpadaries at the end of 532.00 Accredincome taxes at the end of any.00 Trepare an adjusted trial balance salary updating beginning balance abel for transactions during Jamary and incenties at the end at January (2) 4. Prepare a multiple income talement for the dry Shorea dawled balance sheet oma 6 Record comments 7. Anahew well TNT manages i Caldate the returns to the the average retum assets for the industry in January 2, the profitable than other cm in the same industry 1. Calculate the peole margine the end profit marginha, the company incoming sales pruit than other companies in the comedy Calculate the true to the theory warme turne is 0.5 times per month the clients producing revenes with its awes than the companies in the came industry a connect PROBLEMS: SET A P7-1A The Italian Bad Company and water 570.00An old building Determine on the propertywa demolished and contracting willing Cobined cond during the first year building - Demon of abung Sale of salvaged at Architects for new building $9.000 1.1001 20.000 Complete the accounting cycle using long-term structions 407-4, 7- E7-21 On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Credit Debit $ 58.700 25.000 $ 2.200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (SK, due in 2 years! Land Accounts Payable Common Stock Retained Earnings Total 36,300 12.000 155.000 14,800 220.000 50.000 $287.000 $287.000 During January 2021, the following transactions occur. January 1 Purchase equipment for $19.500 The company estimates a residual value of $1.500 and a five-year service life. January Pay cash on accounts payable, 59,500 January Purchase additional mentory on account. $82.900. 385 CHAPTER 7 Long-Term Aniets January 15 Receive cash on accounts receivable, 532.000 January 19 Pay cash for salaries, $29.800 January 26 Pay cash for January utilities, $16.500 January 30 Firework sales for January total $220,000. All of these sales are an account. The cost of the units sold is $115.000 Required: 1. Record each of the transactions listed above 2. Record adjusting entries on January 31 Depreciation on the equipment for the month of January is calculated using the straight line method b. At the end of January $3,000 of accounts receivable are past dee, and the company estimates that 50% of these accounts will not be collected of the remaining accounts receivable, the company estimates that will not be collected. The not receivable of $12,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts Accrued interest revenge on notes receivable for January d. Unpaid salaries at the end of January ate 532.600. e. Accrued income taxes at the end of January are $9,000 3. Prepare an adjusted trial balance as of January 31, 2021, after updating beginning balances (above) for transactions during January remen 1) and adjusting entries at the end of January purement 2) 6. Prepare a multiple step income statement for the period ended January 31, 2021. 5. Prepare a classified balance sheet as of January 31, 2021 6. Record closing entries, 7. Analyze how well TNT Fireworks manages its assets 4. Calculate the return on assets ratio for the month of January. If the average retum on assets for the industry in January is 2% is the company or less proditable than other companies in the same industry! b. Calculate the profit margin for the month of January. If the industry average profit margin i 4%, is the company more or less efficient at converting sales to profit than other companies in the same industry? Calculate the setturnover ratio for the month of January. If the industry average are turnover is 0.5 times per month, is the company more or leu efficient at producing revenues with its assets than other companies in the same industry