Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 provide services to customers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,600. January 22 Receive cash on accounts receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should 3D FAMILY FIREWORKS Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 provide services to customers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,600. January 22 Receive cash on accounts receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) (Round your final answer to 1 decimal place.) a-2. If the industry average of the receivables turnover ratios for the month of January is 4.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round percentage to 1 decimal place.) b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? View transaction IIst Viow journal entry worksheet View transaction list View journal entry worksheet 3D FAMILY FIREWORKS Adjusted Trial Balance January 31,2024 Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024 , the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 provide services to customers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,600. January 22 Receive cash on accounts receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should 3D FAMILY FIREWORKS Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $37,100. January 6 provide services to customers on account, $74,400. January 15 Write off accounts receivable as uncollectible, $1,000. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $31,600. January 22 Receive cash on accounts receivable, $72,000. January 25 Pay cash on accounts payable, $5,700. January 30 Pay cash for utilities during January, $13,900. 7. Analyze how well 3D Family Fireworks manages its receivables: a-1. Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) (Round your final answer to 1 decimal place.) a-2. If the industry average of the receivables turnover ratios for the month of January is 4.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? b-1. Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. (Round percentage to 1 decimal place.) b-2. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? View transaction IIst Viow journal entry worksheet View transaction list View journal entry worksheet 3D FAMILY FIREWORKS Adjusted Trial Balance January 31,2024
