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Exercise 7-21 Complete the accounting cycle using long-term asset transactions (L07-4, 7-7) (GL) On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,800 27,200 $ 3,300 Accounta Canh Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (59, dus in 2 years) Land Accounts Payable Common Stock Retained larnings Totale 37,400 25,200 166,000 15,900 231,000 65.400 $315,600 $315,600 During January 2021, the following transactions occur: January 1 Purchase equipment for $20,600. The company estimates & residual value of $2,600 and a five-year service life. January 4 Pay cash on accounts payable, $10,600. January # Purchase additional Inventory on account, 593,900. January 15 Receive cash on accounts receivable, $23,100. January 19 Pay cash for salaries, $30,900. January 28 Pay cash for January utilities, $17,600. January 30 Sales for January total $231,000. All of these sales are on account. The cost of the unite sold is $120.500. 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 $4,100 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.) c. Accrued interest revenue on notes receivable for January, d. Unpaid salaries at the end of January are $33,700. e. Accrued Income taxes at the end of January are $10,100. Answer is not complete. General General Income Requirement Journal Trial Balance Balance Sheet Ledger Statement 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) 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: % The company is more efficient at converting sales to profit (True or False) (c) Calculate the asset turnover ratio for the month of January. If the industry average asset turnover is 0.4 times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry? The asset turnover ratio is: times The company is more efficient at producing revenues with its assets. (True or False) BE