Please review and complete the last part

On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: During January 2024, the following transactions occur: January 1 Purchase equipment for $20,200. The company estimates a residual value of $2,200 and a six-year service life. January 4 Pay cash on accounts payable, $10,200. January 8 Purchase additional inventory on account, $89,900. January 15 Receive cash on accounts receivable, $22,700. January 19 Pay cash for salaries, $30,500. January 28 Pay cash for January utilities, $17,200. January 30 Firework sales for January total $227,000. All of these sales are on account. The cost of the units sold is $118,500. January 1 Purchase equipment for $20,200. The company estimates a residual value of $2,200 and a six-year service life. January 4 Pay cash on accounts payable, $10,200. January 8 Purchase additional inventory on account, $89,900. January 15 Receive cash on accounts receivable, $22,700. January 19 Pay cash for salaries, $30,500. January 28 Pay cash for January utilities, $17,200. January 30 Firework sales for January total $227,000. All of these sales are on account. The cost of the units sold is $118,500. The following information is avallable 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 $3,490 for estimated future uncollectible accounts. c. The company has accrued Interest on notes recelvable for January. d. Unpard salarles owed to employees at the end of January are $33,300. e. The company accrued Income taxes at the end of January $9,700. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ TNT FIREWORKS } \\ \hline \multicolumn{5}{|c|}{ Balance Sheet } \\ \hline \multicolumn{5}{|c|}{ January 31, 2024} \\ \hline Assets & & & Liabilities & \\ \hline Current Assets: & & & Current Liabilities: & \\ \hline & 8 & 4,000 & Accounts Payable & 95,200 \\ \hline Accounts Receivable & & 230,700 & Salaries Payable & 33,300 \\ \hline Allowance for Uncollectible Accounts & & (6,390) & Income Tax Payable & 9,700 \\ \hline Interest Receivable & ( & 85 & Total Current Liabilities & 138,200 \\ \hline Inventory & ( & 8,400 & & \\ \hline Total Current Assets & & 236,795 & Total Liabilities & 138,200 \\ \hline Long-term Assets: & & & Stockholders' Equity & \\ \hline Land & & 162,000 & Common Stock & ( 227,000 \\ \hline Equipment & & 20,200 & Retained Earnings & 73,945 \\ \hline Accumulated Depreciation & & (250) & & \\ \hline & & & Total Stockholders' Equity & 300,945 \\ \hline Total Assets & $ & 418,745 & Total Liabilities \& Stockholders' Equity & 439,145 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & Gen & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & January 01 & Equipment & 0 & 20,200 & \\ \hline & & Cash & 2 & & 20,200 \\ \hline \multirow[t]{2}{*}{2} & January 04 & Accounts Payable & 2 & 10,200 & \\ \hline & & Cash & & & 10,200 \\ \hline \multirow[t]{2}{*}{3} & January 08 & Inventory & 2 & 89,900 & \\ \hline & & Accounts Payable & 2 & & 89,900 \\ \hline \multirow[t]{2}{*}{4} & January 15 & Cash & 2 & 22,700 & \\ \hline & & Accounts Receivable & 2 & & 22,700 \\ \hline \multirow[t]{2}{*}{5} & January 19 & Salaries Expense & 2 & 30,500 & \\ \hline & & Cash & 2 & & 30,500 \\ \hline \multirow[t]{2}{*}{6} & January 28 & Utilities Expense & 2 & 17,200 & \\ \hline & & Cash & 2 & & 17,200 \\ \hline \multirow[t]{2}{*}{7} & January 30 & Accounts Receivable & 2 & 227,000 & \\ \hline & & Sales Revenue & 2 & & 227,000 \\ \hline \multirow[t]{2}{*}{8} & January 30 & Cost of Goods Sold & 2 & 118,500 & \\ \hline & & Inventory & 2 & & 118,500 \\ \hline \multirow[t]{2}{*}{9} & January 31 & Depreciation Expense & 2 & 250 & \\ \hline & & Accumulated Depreciation & 2 & & 250 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline Requirement & GeneralJournal & GeneralLedger & Trial Balance & IncomeStatement & Balance Sheet & Analysis \\ \hline \end{tabular} Using the information from the requirements above, complete the 'Analysis' tab. (Round final answers to 1 decimal place.) \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Analyze how well TNT Fireworks manages its assets: } \\ \hline \multicolumn{3}{|c|}{(a)CalculatethereturnonassetsratioforthemonthofJanuary.IftheaveragereturnonassetsfortheindustryinJanuaryis2%,isthecompanymoreorlessprofitablethanothercompaniesinthesameindustry?} \\ \hline The return on assets ratio is: & & % \\ \hline The company is more profitable. (True or False) & True & \\ \hline \multicolumn{3}{|c|}{(b)CalculatetheprofitmarginforthemonthofJanuary.Iftheindustryaverageprofitmarginis3%,isthecompanymoreorlessefficientatconvertingsalestoprofitthanothercompaniesinthesameindustry?} \\ \hline The profit margin is: & & % \\ \hline The company is more efficient at converting sales to profit. (True or False) & True & \\ \hline \multicolumn{3}{|c|}{(c)CalculatetheassetturnoverratioforthemonthofJanuary.Iftheindustryaverageassetturnoveris0.5timespermonthisthecompanymoreorlessefficientatproducingrevenueswithitsassetsthanothercompaniesinthesameindustry?} \\ \hline The asset turnover ratio is: & & times \\ \hline The company is more efficient at producing revenues with its assets. (True or False) & True & \\ \hline \end{tabular} 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 8 ) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31 in the 'General Journal' tab (these are shown as items 9 to 13). 3. Review the adjusted 'Trial Balance' as of January 31, 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2024, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 14 and 15). 7. Using the information from the requirements above, complete the 'Analysis' tab. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ TNT FIREWORKS } \\ \hline \multicolumn{5}{|c|}{ Multiple-Step Income Statement } \\ \hline \multicolumn{5}{|c|}{ For the Year Ended January 31, 2024} \\ \hline Sales Revenue & 8s & 0 & & \\ \hline Cost of Goods Sold & 8 & 0 & & \\ \hline Gross Profit & & & $ & 0 \\ \hline Salaries Expense & & 0 & & \\ \hline Utilities Expense & & 0 & & \\ \hline Depreciation Expense & & 0 & & \\ \hline Bad Debt Expense & & 0 & & \\ \hline Total Operating Expenses & & & & 0 \\ \hline Operating Income & & & & 0 \\ \hline Interest Revenue & & & & 0 \\ \hline Income Before Taxes & & & & 0 \\ \hline Net Income & & & $ & 0 \\ \hline \end{tabular}