On January 1, 2024, the general ledger of a company includes the following account balances: Accounts Cash Debit $59,900 Credit Accounts Receivable 27,400 Allowance for Uncollectible Accounts $3,400 Inventory 37,500 Notes Receivable (5%, due in 2 years) 26,400 Land 167,000 Accounts Payable 16,000 Common Stock 232,000 Retained Earnings 66,800 Totals $318,200 $318,200 During January 2024, the following transactions occur: January 1 Purchase equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life. January 4 Pay cash on accounts payable, $10,700. January 8 Purchase additional inventory on account, $94,900. January 15 Receive cash on accounts receivable, $23,200. January 19 Pay cash for salaries, $31,000. January 28 Pay cash for January utilities, $17,700. January 30 Sales for January total $232,000. All of these sales are on account. The cost of the units sold is $121,000. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,660 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. d. Unpaid salaries owed to employees at the end of January are $33,800. e. The company accrued income taxes at the end of January $10,200. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31 for the above transactions. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare a multiple-step income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Analyze how well the company manages its assets: Requirement 7a: a-1. Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of January. Requirement 7b: b-1. 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? b-2. 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? b-3. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? Complete this question by entering your answers in the tabs below.