Required information Exercise 7 21 Complete the accounting cycle using long term asset transactions (LO7 4, 7 7) The following information applies to the questions displayed below On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Accounts Debit Credit Cash $ 59,900 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 2021, 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 Depreciation on the equipment for the month of January is calculated using the straight line method The company estimates future uncollectible accounts The company determines $4,200 of accounts receivable on January 31 are past due, and 50 of these accounts are estimated to be uncollectible The remaining accounts receivable on January 31 are not past due, and 3 of these accounts are estimated to be uncollectible (Hint Use the January 31 accounts receivable balance calculated in the general ledger ) Accrued interest revenue on notes receivable for January Unpaid salaries at the end of January are $33,800 Accrued income taxes at the end of January are $10,200 Exercise 7 21 Part 7 7 Analyze how well TNT Fireworks manages its assets Requirement 1 a 1 Calculate the return on assets ratio for the month of January Requirement 2 b 1 Calculate the profit margin for the month of January Requirement 3 c 1 Calculate the asset turnover ratio for the month of January Net income is $12500 Net Sales is $232000 Total assets for the period are $455500 I just need help finding average total assets and I am not sure how I do it

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Required information Exercise 7-21 Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January

Required information

Exercise 7-21 Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7)

[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	59,900
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 2021, 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:

Depreciation on the equipment for the month of January is calculated using the straight-line method.
The company estimates future uncollectible accounts. The company determines $4,200 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
Accrued interest revenue on notes receivable for January.
Unpaid salaries at the end of January are $33,800.
Accrued income taxes at the end of January are $10,200.

Exercise 7-21 Part 7

7. Analyze how well TNT Fireworks manages its assets:

Requirement 1:

a-1. Calculate the return on assets ratio for the month of January. Requirement 2: b-1. Calculate the profit margin for the month of January.

Requirement 3: c-1. Calculate the asset turnover ratio for the month of January.

Net income is $12500

Net Sales is $232000

Total assets for the period are $455500

I just need help finding average total assets and I am not sure how I do it.