On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25.500 14,400 $ 2,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Noteo Receivable (61, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,300 28,000 77,800 9,400 104,000 33,200 $149,000 $149,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $43,100. January 6 Provide services to customers on account, $80,400. January 15 Write of accounts receivable as uncollectible, $2,000. January 20 Pay cash for salaries, $32,200. January 22 Receive cash on accounts receivable, $78,000.' January 25 Pay cash on accounts payable, $6,300. January 30 Pay cash for utilities during January, $14,500. The following information is available on January 31, 2021 a. The company estimates future uncollectible accounts. The company determines $5,800 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not post due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) b. Supplies at the end of January total $650. c. Accrued interest revenue on notes receivable for January, Interest is expected to be received each December 31 d. Unpold salaries at the end of January are $34,300, L. MLLIULUI Venue OHI HOLES Tervavit 10 January. Es expecteu iu veleleveu COLII December 31 d. Unpaid salaries at the end of January are $34,300. Requirement General Income Journal General Ledger Trial Balance Statement Balance Sheet Analysis Do Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue: $ 0 Total Revenue Expenses: Total Expenses $ 0 Trial Balance Balance Sheet > General Income Requirement General Ledger Trial Balance Journal Analysis Balance Sheet Statement Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number Analyze how well 3D Family Fireworks manages its receivabilon (a) Calculate the receivables turnover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). If the industry average of the receivables turnover ratios for the month of January is 4.1 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover. times The company la collecting more officiently. (true or false) (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Recolvable at the end of January. 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? Ratool Allowance for Uncollectible Accounts to Accounts Receivable % Should the company expect improving or worsening conditiona?
