On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 24,300 13,800 $ 1,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (68, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 2,700 22,000 77,200 8,200 98,000 32,600 $140,000 $140,000 During January 2021, 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. 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 canh for utilities during January, $13,900. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,200 of accounts receivable on past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on Janua past due, and 5% of these accounts are estimated to be uncollectible (Hint: Use the January 31 accounts receivable calculated in the general ledger.) Retained Earnings Totals 32,600 $140,000 $140,000 During January 2021, 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. 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. The following information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $5,200 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 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) b. Supplies at the end of January total $800. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31 d. Unpaid salaries at the end of January are $33,700, Answer is complete but not entirely correct. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Cash Accounts Receivable Debit Credit Debit Credit 37.100 74.400 No. Date Jan 01, 2021 1 Jan 02, 2021 4 Jan 20, 2021 5 Jan 22, 2021 6 Jan 25, 2021 7 Jan 30, 2021 Balance No. Date 24,300 Jan 01, 2021 61,400 2 Jan 06, 2021 29,800 3 Jan 15, 2021 101,800 5 Jan 22, 2021 96,100 82.200 Balance 13,800 88.200 87,200 15,200 31,600 1,000 72,000 72,000 5,700 13.900 Notes Receivable Debit Credit No. Allowance for Uncollectible Accounts No. Date Debit Credit Jan 01, 2021 3 Jan 15, 2021 1,000 8 Jan 31, 2021 1,340 Date Jan 01, 2021 Balance 22,000 Balance 1,200 200 1,540 Interest Receivable Debit Credit Supplies Debit No. Date Balance Credit No. Date Jan 01, 2021 9 Jan 31, 2021 Balance 2.700 800 10 Jan 31, 2021 110 110 1.900 Land Debit Accounts Payable Debit Credit No Credit No. Balance Date Jan 01.2021 Balance 77,200 Date Jan 01, 2021 8.200 0 Jan 25, 2021 0,700 2,50 Common Stock Salaries Payable Debit Credit No. Date Balance No. Debit Credit Date Jan 01, 2021 Balance 98,000 11 Jan 31, 2021 33,700 33,700 Retained Earnings Service Revenue Debit Credit Debit Credit Balance 0 No. Date Jan 01, 2021 12 Jan 31, 2021 13 Jan 31, 2021 Balance 32,600 144,210 61,770 111,610 No. Date Jan 01, 2021 1 Jan 02.2021 2 Jan 06, 2021 12 Jan 31, 2021 82.440 37.100 74,400 37,100 111,500 111,500 0 Interest Revenue Debit Credit Supplies Expense Debit Credit No. Date Balance No. Date Balance 0 110 1,900 10 Jan 31, 2021 12 Jan 31, 2021 110 9 Jan 31, 2021 0 13 Jan 31, 2021 1.900 0 110 1.900 Salaries Expense Utilities Expense Debit Credit Debit Credit Balance No. Date Balance 0 No. Date Jan 01, 2021 4 Jan 20, 2021 15 lan 112001 31,600 31,600 13,900 13,900 7 Jan 30, 2021 19 2021 700 2 ann No. Date Credit Debit Balance No. Credit Date Debit 0 Balance 0 1.900 0 110 1,900 10 Jan 31, 2021 12 Jan 31, 2021 110 0 9 Jan 31, 2021 13 Jan 31, 2021 110 1,900 Salaries Expense Debit Credit Utilities Expense Dobit Credit Balance No. Date 0 Balance 0 13.900 13,900 No. Date Jan 01, 2021 4 Jan 20, 2021 11 Jan 31, 2021 13 Jan 31, 2021 31,600 33,700 31,600 65,300 0 7 Jan 30, 2021 13 Jan 31, 2021 13.900 65,300 Bad Debt Expense Debit Credit No. Date Balance 0 1,340 0 1,340 8 Jan 31, 2021 13 Jan 31, 2021 1,340 General Journal Trial Balance > 3D Family Fireworks Trial Balance January 31, 2021 Account Title Debit Credit $ 82 200 15,200 1,540 Cash Accounts Receivable Allowance for Uncollectible Accounts Notes Receivable interest Receivable Supplies 22,000 110 800 77,200 Pland Accounts Payable salaries Payable Common Stock Retained Earnings 2,500 33,700 98,000 01.770 197,510 Total 197,510 5 Answer is complete but not entirely correct. General General Income Requirement Journal Ledger Trial Balance Balance Sheet Analysis Statement Enter your Accounts Receivable turnover value in i decimal place and Ratio of Allowanced for Uncollectible Accounts in Wholen Analyze how well 3D Family Fireworks manages its receivables (a) Calculate the receivables tumover 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 4.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable tumover: times 5.8 The company is collecting more efficiently. (true or false) True (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable 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? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable 11 Should the company expect improving or worsening conditions? Improving Balance Sheet Anniyals Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $9,200 on account. The customer does not pay for those services until 2022. Scenario 2: On January 1, 2021. Gold's Gym sells a one-year membership for $1,136 cash. Normally, this type of membership would cost $1,420, but the company is offering a 20% New Year's Resolution" discount. Scenario 3: During 2021. The Manitowoc Company provides shipbuilding services to the U.S. Navy for $570,000. The U.S. Navy will pay $190,000 at the end of each year for the next three years, beginning in 2021. Scenario 4: During 2021, Goodyear sells tires to customers on account for $15,200. By the end of the year, collections total $12,000. At the end of 2022, it becomes apparent that the remaining $3,200 will never be collected from customers Required: For each scenario, calculate the amount of revenue to be recognized in 2021 Answer is complete but not entirely correct. Revenue recognized in 2021 Scenario 1 5 11,000 Scenario 2 15 1.200 Scenario 3 Is 450.000 Scenario 4 $ 35,000