only analysis tab !

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Credit Debit $ 59,400 26,400 5 2.900 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, eee 20,400 162,000 15,5ee 227, Bee 59,Bee $385, 280 $305,200 es During January 2021, the following transactions occur January 1 Purchase equipment for $20,208. The company estimates a residual value of $2,200 and a six-year service life. January 4 Pay cash on accounts payable, $10, 2ee. January 8 Purchase additional inventory on account, $89,90 January 15 Receive cash on accounts receivable, $22,700 January 19 Pay cash for salaries, 530,500 January 28 Pay cash for January utilities, 517,200 January 30 Sales for January total $227,eee. All of these sales are on account. The cost of the units sold is $118,5ee. 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 $3,700 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 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $33,300 e. Accrued income taxes at the end of January are $9.700 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab(Round final answers to 1 decimal place.) Analyze how well TNT Fireworks manages its assets: (a) Calculate the return 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: The company is more profitable. (True or False) (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 96 The company is more efficient at converting sales to profit. (True or Falso) (c) Calculate the asset turnover ratio for the month of January. If the industry average asset tumover is 0,5 times per month, is the company more or less officient at producing revenues with its assets than other companies in the same industry? Tho assotturnover ratio is: times The company is more efficient at producing revenues with its assets. (True or Falso)