What is the fixed asset turnover ratio? what is the units if production? what is the additional expense for 2021? can you please provide detailed descriptions and how you arrived at the answer? thank you

Trial Balance December 31, 2021 Account Title Credit $ Debit 161,700 42,900 27,000 346,000 464,100 . 174,500 44,850 + 17 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation Patent Accounts payable Interest payable Income taxes payable Notes payable Common stock Retained earings Sales revenue Cost of goods sold Depreciation expense Amortization expense Salaries expense Utilities expense Interest expense Income tax expense Gain on sale of equipment Loss on impairment Total 18,100 4,545 18,600 101,000 526 000 213,300 589,200 348,000 43,800 1,150 100,700 58.700 4,545 18,600 22,800 5,200 1 667,845 $ S 1,667 845 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare a multiple-step income statement for the period ended December 31, 2021. Choose the ap complete the company's income statement. The unadjusted, adjusted, or post-closing balances wil based on your selection. Adjusted Parts Unlimited Income Statement For the year ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries expense 100,700 Utilities expense 58,700 Depreciation expense 43,800 Amortization expense 1,150 0 589,200 (348,600) 240,600 $ 0 Total operating expenses 204,350 36,250 22,600 58,850 4,545 54,305 18,600 35,705 Gain on sale of equipment Operating income Interest expense Income before taxes Income tax expense Net income + 4 $ General Requirement General Income Trial Balance Journal Analysis Ledger Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2021. Choose the appropriate accounts to complete the company's b The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Parts Unlimited Balance Sheet December 31, 2021 Assets Liabilities Cash S 161,700 Accounts payable 18,100 Accounts receivable 42,900 Interest payable 4545 Inventory 27,000 Income taxes payable 18,600 0 Notes payable 101,000 0 0 Total current assets 231,600 Total liabilities 142,245 Noncurrent assets Stockholders' equity Land 346,000 Common stock 526,000 Equipment 464,100 Retained earnings 249,005 Accumulated depreciation (174,500) Patent 44,850 0 Loss on impairment 5,200 Total stockholders' equity 775,005 Total assets $ 917250 Total liabilities and stockholders' equity $ 917,250 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis'. (Round "fixed asset tumover ratio answert places.) Analyze how well Parts Unlimited manages its assets: (a) Calculate the fixed asset turnover ratio for the year, using the total amount of property, plant, and equipment (net of accumulated deprecation) If the industry average fixed asset tumover is o 75, is the company more or less efficient at generating sales with its fixed assets than other companies in the same industry? (Hint. For the amount of fixed assets, use the net amount of all tangible long-term assets.) The fixed asset turnover ratio is The company is more sent al generating sales with its fixed assets True (b) Suppose the equipment purchased on April 1, 2021, had been depreciated using the units of production method. At the time of purchase, expected output was 20,000 units, and actual production for 2021 was 3,000 units Calculate the amount of depreciation expense that would have been recorded and determine the difference in net income and total assets for 2021 (ignoring tax effects) Units-of-production depreciation Depreciation expense under units of production method is higher True or False) Income and total assets in 2021 would have been True Power by (c) The transaction on June 30, 2021, shows the company purchased a patent for $46,000 from a third-party marketing company Suppose the company instead spent $46,000 to internally develop the new packaging technology, which it then patented. Calculate the difference in net income and total assets for 2021 (ignoring tax effects) Additional expense for 2021 The income and total assets in 2021 would have been higher (True or False) False Trial Balance December 31, 2021 Account Title Credit $ Debit 161,700 42,900 27,000 346,000 464,100 . 174,500 44,850 + 17 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation Patent Accounts payable Interest payable Income taxes payable Notes payable Common stock Retained earings Sales revenue Cost of goods sold Depreciation expense Amortization expense Salaries expense Utilities expense Interest expense Income tax expense Gain on sale of equipment Loss on impairment Total 18,100 4,545 18,600 101,000 526 000 213,300 589,200 348,000 43,800 1,150 100,700 58.700 4,545 18,600 22,800 5,200 1 667,845 $ S 1,667 845 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare a multiple-step income statement for the period ended December 31, 2021. Choose the ap complete the company's income statement. The unadjusted, adjusted, or post-closing balances wil based on your selection. Adjusted Parts Unlimited Income Statement For the year ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries expense 100,700 Utilities expense 58,700 Depreciation expense 43,800 Amortization expense 1,150 0 589,200 (348,600) 240,600 $ 0 Total operating expenses 204,350 36,250 22,600 58,850 4,545 54,305 18,600 35,705 Gain on sale of equipment Operating income Interest expense Income before taxes Income tax expense Net income + 4 $ General Requirement General Income Trial Balance Journal Analysis Ledger Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2021. Choose the appropriate accounts to complete the company's b The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Parts Unlimited Balance Sheet December 31, 2021 Assets Liabilities Cash S 161,700 Accounts payable 18,100 Accounts receivable 42,900 Interest payable 4545 Inventory 27,000 Income taxes payable 18,600 0 Notes payable 101,000 0 0 Total current assets 231,600 Total liabilities 142,245 Noncurrent assets Stockholders' equity Land 346,000 Common stock 526,000 Equipment 464,100 Retained earnings 249,005 Accumulated depreciation (174,500) Patent 44,850 0 Loss on impairment 5,200 Total stockholders' equity 775,005 Total assets $ 917250 Total liabilities and stockholders' equity $ 917,250 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis'. (Round "fixed asset tumover ratio answert places.) Analyze how well Parts Unlimited manages its assets: (a) Calculate the fixed asset turnover ratio for the year, using the total amount of property, plant, and equipment (net of accumulated deprecation) If the industry average fixed asset tumover is o 75, is the company more or less efficient at generating sales with its fixed assets than other companies in the same industry? (Hint. For the amount of fixed assets, use the net amount of all tangible long-term assets.) The fixed asset turnover ratio is The company is more sent al generating sales with its fixed assets True (b) Suppose the equipment purchased on April 1, 2021, had been depreciated using the units of production method. At the time of purchase, expected output was 20,000 units, and actual production for 2021 was 3,000 units Calculate the amount of depreciation expense that would have been recorded and determine the difference in net income and total assets for 2021 (ignoring tax effects) Units-of-production depreciation Depreciation expense under units of production method is higher True or False) Income and total assets in 2021 would have been True Power by (c) The transaction on June 30, 2021, shows the company purchased a patent for $46,000 from a third-party marketing company Suppose the company instead spent $46,000 to internally develop the new packaging technology, which it then patented. Calculate the difference in net income and total assets for 2021 (ignoring tax effects) Additional expense for 2021 The income and total assets in 2021 would have been higher (True or False) False