Required Information On Jonuory 1, 2024, the general ledger of TNT Fireworks includes the following occount bolances: During Jonuary 2024, the following trensactions occur: January 1 Purchase equipment for \$2, 1ee. The company estimates a nesidual value of \$2,1ea and a four-year service life. January 4 Pay cash on accounts payable, \$10,100. January \& Purchase additional inventory on account, \$88,9ee. January 15 Receive cash on accounts receivable, $22,690. January 19 Pay cash for salarics, \$3e,4ee. January 28 Pay cash for January utilitics, \$17,100. January 30 Firework sales for January total $226, eee. All of these sales are on account. The cost of the units sold is $118, ege. Information for adjusting entries: a. Depreciation on the equipment for the month of Janusry is calculated using the straight-line method. b. The compony records an odjusting entry for $5,780 for estimated future uncollectible accounts. c. The compsny has accrued interest on notes receivable for Jonuary. d. Unpoid salsries owed to employees at the end of Janusry are $33,200. e. The company accrued income toxes at the end of January $9,600. Requlred Information On Jonuary 1, 2024, the general ledger of TNT Fireworks includes the following account bolances: During Jenuary 2024, the following trensactions occur. life. January 4 Pay cash on accounts payable, \$10, 109. January g Purchase additional inventory on account, \$gs,9ee. January 15 Receive cash on accounts rcceivable, $22,690. January 19 Pay cash for salarics, \$30,480. January 28 Pay cash for January utilitics, $17,189. $118, ege. Information for adjusting entries: a. Depreciation on the equipment for the month of Janusry is calculated using the straight-line method. b. The company records an adjusting entry for $5,780 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for Jonusry. d. Unpaid salaries owed to employees st the end of January are $33,200. e. The compeny accrued income toxes at the end of January $9,600. 6. Record closing entries. (If no entry Is required for a particular transaction/event, select "No Journal Entry Requlred" In the first account field.) Journal entry worksheet 2 Record the entry to close the revenue accounts. Note: Enter debits befare credits. On Jonuory 1, 2024, the general ledger of TNT Fireworks includes the following account bolances: During Jonusry 2024, the following trensactions occur: January 1 Purchase cquipment for \$20,18e. The company estimates a residual value of \$2,190 and a four-ycar service life. January 4 Pay cash on accounts payable, \$10,100. January \& Purchase additional inventory on account, \$88,98e. January 15 Receive cash on accounts reccivable, $22,600. January 19 Pay cash for salarics, \$30,4ee. January 28 Pay cash for January utilitics, \$17,1ee. January 30 Firework sales for January total $226, eee. All of these sales are on account. The cost of the units sold is $118, eee. Information for adjusting entries: a. Depreciotion on the equipment for the month of Janusry is calculated using the straight-line method. b. The company records an adjusting entry for $5,780 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January. d. Unpaid salsries owed to employees at the end of January are $33,200. e. The company accrued income toxes at the end of January $9,600. 7. Analyze how well TNT Fireworks maneges its assets: Requirement 7a: a-1. Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of Janusry. Requirement 7b : b-1. If the oversge return on assets for the industry in January is 2%, is the compony more or less profitable than other componies in the same industry? b.2. If the industry overoge profit margin is 4%, is the compony more or less efficient at converting sales to profit than other companies in the same industry? b.3. If the industry oversge osset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its ossets than other companies in the some industry? Complete this question by entering your answers in the tabs below. Calculate the return on assets ratio, pront margin and asset turnover ratio for the month of January