On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts...

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On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Land Accounts payable Accumulated depreciation Notes payable (8%, due in 3 years) Common stock Retained earnings Totals Debit $ 106,000 Credit 46,000 $ 11,600 30,600 100,600 16,000 212,000 50,000 72,000 106,000 239,600 $ 495,200 $ 495,200 The $30,600 beginning balance of inventory consists of 306 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $26,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 3,800 units of inventory on account for $418,000 ($110 each) with terms 1/10, 1/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 3,600 units of inventory on account for $489,600 ($136 each) with terms 2/10, 1/30 . January 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. January 20 Received cash from customers on accounts receivable. This amount includes $36,600 from 2023 plus amount receivable on sale of 3,000 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2023. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 3,400 units on January 5. January 28 Paid cash for salaries during January, $34,000. January 29 Paid cash for utilities during January, $16,000. January 30 Paid dividends, $3,600. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. c. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $5,600. e. Depreciation on the building, $2,600. Answer is not complete. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Note: Enter your inventory turnover ratio and gross profit ratio in 1 decimal place. Unadjusted Dates: January 02 to: January 30 Analyze how well Tripley Company manages its inventory (a) Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory turnover ratio for the month of January is 4.5 times, is the company selling its inventory more or less quickly than other companies in the same industry? The inventory turnover ratio is: The company is managing its inventory more efficiently. (true or false) times (b) Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 36%, is the company more or less profitable per dollar of sales than other companies in the same industry? The gross profit ratio is: The company is more profitable than other companies. % (c) Used together, what might the inventory turnover ratio and gross profit ratio suggest about the company's business strategy? Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive items? The company's business strategy appears to be selling < Balance Sheet Analysis > On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Land Accounts payable Accumulated depreciation Notes payable (8%, due in 3 years) Common stock Retained earnings Totals Debit $ 106,000 Credit 46,000 $ 11,600 30,600 100,600 16,000 212,000 50,000 72,000 106,000 239,600 $ 495,200 $ 495,200 The $30,600 beginning balance of inventory consists of 306 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $26,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 3,800 units of inventory on account for $418,000 ($110 each) with terms 1/10, 1/30. January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 3,600 units of inventory on account for $489,600 ($136 each) with terms 2/10, 1/30 . January 17 Customers returned 200 units sold on January 15. These units were initially purchased by the company on January 5. The units are placed in inventory to be sold in the future. January 20 Received cash from customers on accounts receivable. This amount includes $36,600 from 2023 plus amount receivable on sale of 3,000 units sold on January 15. January 21 Wrote off remaining accounts receivable from 2023. January 24 Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 3,400 units on January 5. January 28 Paid cash for salaries during January, $34,000. January 29 Paid cash for utilities during January, $16,000. January 30 Paid dividends, $3,600. Month-end adjusting entries: a. Of the remaining accounts receivable, the company estimates that 10% will not be collected. b. Accrued interest revenue on notes receivable for January. c. Accrued interest expense on notes payable for January. d. Accrued income taxes at the end of January for $5,600. e. Depreciation on the building, $2,600. Answer is not complete. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Note: Enter your inventory turnover ratio and gross profit ratio in 1 decimal place. Unadjusted Dates: January 02 to: January 30 Analyze how well Tripley Company manages its inventory (a) Calculate the inventory turnover ratio for the month of January. If the industry average of the inventory turnover ratio for the month of January is 4.5 times, is the company selling its inventory more or less quickly than other companies in the same industry? The inventory turnover ratio is: The company is managing its inventory more efficiently. (true or false) times (b) Calculate the gross profit ratio for the month of January. If the industry average gross profit ratio is 36%, is the company more or less profitable per dollar of sales than other companies in the same industry? The gross profit ratio is: The company is more profitable than other companies. % (c) Used together, what might the inventory turnover ratio and gross profit ratio suggest about the company's business strategy? Is the company's strategy to sell a higher volume of less expensive items or does the company appear to be selling a lower volume of more expensive items? The company's business strategy appears to be selling < Balance Sheet Analysis >