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my Work mode: This shows what is correct or incorrect for the work you have completed so far. It de 10 Credit Debit $ 59,800 27,200 $ 3,300 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,400 25,200 166,000 ys 15,900 231,000 65,400 $315,600 $315,600 During January 2021, the following transactions occur January 1 Purchase equipment for $20,600. The company estimates a residual value of $2,603 and a five-year service life January 4 Pay cash on accounts payable, $10,600. January 8 Purchase additional inventory on account, $93,900. January 15 Receive cash on accounts receivable, $23,100. January 19 Pay cash for salaries, $30,900. January 28 Pay cash for January utilities, $17,600. January 30 Sales for January total $231,000. All of these sales are on account. The cost of the units sold is $120,580. The following information is available on January 31, 2021. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $4,100 of accounts receivable on January past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 past clue, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balanc calculated in the general ledger) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $33,700. e. Accrued income taxes at the end of January are $10,100. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicat 10 Balance Sheet January 31, 2021 Liabilities Current Liabilities Assets Current Assets 10 points 99,200 Accounts Receivable Allowance for Uncollectible Accounts Inventory Cash Interest Receivable Notes receivable Accounts Payable Salaries Payable Income Tax Payable 30 33,700 10.100 OOOO 235,100 (8,980) 10.800 3200 105 25 200 Total Current Liabilities 143,000 Total Current Assets 265,425 Total Liabilities 143,000 Noncurrent Assets Notes receivable Land Equipment Accumulated Depreciation Stockholders' Equity Common Stock Relained Earnings 231,000 77,725 OOOO 25,200 106,000 20,600 (300) Total Stockholders' Equity Total Liabilities & Stockholders' Equity 308.725 451,725 $ Total Assets 476,925 $ what is correct or incorrect for the work you have completed so far. It does not indicat o using the inrormation from the requirements above, complete the Anarysis tao. (Kouna nina answers to 1 decimal piace.) Analyze how well TNT Fireworks manages its assets: (a) Calculate the rotum on assets ratio for the month of January. 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? The return on assets ratio is 3.8 %% The company is more profitable. (True or Falso) True (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 63% The company is more officient al converting sales to profit (True or False) True (c) Calculate the asset turnover ratio for the month of January of 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 06 times The company is more efficient at producing revenues with its assets. (True or False) True