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Need help with general journal and analysis. there are 15 different pages for the general journal and they are listed below: 1. purchase equiptment for

Need help with general journal and analysis.
there are 15 different pages for the general journal and they are listed below:
1. purchase equiptment for $19,800. the company estimates a residual value of $1800 and a six year service life
2. pay cash on accounts payable , $9800
3. purchase additional inventory on account, $85900
4. receive cash on accounts receivable, $22300
5. pay cash for salaries, $30,100
6. pay cash for january utilities, $16,800
7. sales for january total $223,000. all of these sales are on account
8. the cost of the units sold is $116,500
9. depreciation on the equiptment for the month of january is calculated using the straight line method. record the adjusting entry for depreciation.
10. in a picture below
11. accrued interest revenue on notes receivable for january. record the adjusting entry for interest
12. unpaid salaries at the end of january are 32,900. record adjusting entry for salaries
13. accrued income taxes at the end of january are $9300. record the adjustinf entry for income tax
14. record the closing entry for revenue
15. record the closing entry for expenses
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,000 25,600 $ 2,500 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (51, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,600 15,600 158,000 15, 100 223,000 54,200 $294,800 $294,800 During January 2021, the following transactions occur January Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, 59,800. January 8 Purchase additional inventory on account, 585,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 saios for January total $223,000. All of these sales are on account. The cost of the units sold is 5116,500. The following information is available on January 31, 2021 a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $3,300 of accounts receivable on January 31 ore past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $32,900, e. Accrued Income taxes at the end of January are $9,300. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement Analysis Using the information from the requirements above, complete the 'Analysis' tab. (Round final answers to 1 decimal p Analyze how well TNT Fireworks manages its assets: (a) Calculate the return on assets ratio for the month of January. If the average return on assets for the industry in January is 2%, is the company more or less profitable than other companies in the same industry? The return on assets ratio is: % The company is more profitable. (True or False) (b) Calculate the profit margin for the month of January. If the industry average profit margin is 5%, is the company more or less efficient at converting sales to profit than other companies in the same industry? The profit margin is: % The company is more efficient at converting sales to profit. (True or False) (c) Calculate the asset turnover ratio for the month of January. If the industry average asset turnover is 0.5 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? The asset turnover ratio is times The company is more officient at producing revenues with its assets. (True or False)

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