On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cashi Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (58, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totala Debit Credit $ 60,200 28,000 $ 3,700 37,800 30,000 170,000 16,300 235,000 71,000 $ 326,000 $ 326,000 During January 2024, the following transactions occur: January 1 Purchase equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. January 4 Pay cash on accounts payable, $11,000. January 8 Purchase additional inventory on account, $97,900. January 15 Receive cash on accounts receivable, $23,500. January 19 Pay cash for salaries, $31,300. January 28 Pay cash for January utilities, $18,000. January 30 Firework sales for January total $235,000. All of these sales are on account. The cost of the units sold is $122,500. The following information is available on January 31, 2024. 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 $3,250 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 $34,100. e. The company accrued income taxes at the end of January $10,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis ed ok Requirement General Journal General Ledger Trial Balance Income: Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal en account field.) View transaction list Journal entry worksheet ht < inces 2 3 4 5 6 7 8 15 > Purchase equipment for $21,000. The company estimates a residual value of $3,000 and a six-year service life. Note: Enter debits before credits. Date January 01 Equipment General Journal Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Balance Sheet Statement Analysis Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Gross Profit TNT FIREWORKS Multiple-Step Income Statement For the Year Ended January 31, 2024 Total Operating Expenses. Operating Income Requirement General Journal General Ledger Trial Balance Income Statement Baince Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet Balance Sheet, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted. Current Assets TNT FIREWORKS Balance Sheet January 31, 2024 Assets Liabilities Current Liabilities: Total Current Liabilities 0 Total Current Assets 0 Total Liabilities Long-term Assets: Stockholders' Equity 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ 0 General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. (Round final answers to 1 decimal place.) Analyze how well TNT Fireworks manages its assets: (a) Calculate the return on assets ratio for the month of January. If the average retum 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 3%, 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 0.4 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: The company is more efficient at producing revenues with its assets. (True or False) times