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On January $1,2024,$ the general ledger of TNT Fireworks includes the following account balances:

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AccountsDebitCreditCash$ $58,700$Accounts Receivable$25,000$Allowance for Uncollectible Accounts$$$ $2,200$Inventory$36,300$Notes Receivable $(5\%,$ due in $2$ years$)12,000$Land$155,000$Accounts Payable$14,800$Common Stock$220,000$Retained Earnings$50,000$Totals$ $287,000$$ $287,000$

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During January $2024,$ the following transactions occur:

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January $1$Purchase equipment for $$19,500.$ The company estimates a residual value of $$1,500$ and a five$-$year service life.January $4$Pay cash on accounts payable, $$9,500.$January $8$Purchase additional inventory on account, $$82,900.$January $15$Receive cash on accounts receivable, $$22,000.$January $19$Pay cash for salaries, $$29,800.$January $28$Pay cash for January utilities, $$16,500.$January $30$Firework sales for January total $$220,000.$ All of these sales are on account. The cost of the units sold is $$115,000.$

Information for adjusting entries:

Depreciation on the equipment for the month of January is calculated using the straight$-$line method.

The company records an adjusting entry for $$5,900$ for estimated future uncollectible accounts.

The company has accrued interest on notes receivable for January

Unpaid salaries owed to employees at the end of January are $$32,600.$

The company accrued income taxes at the end of January of $$9,000.$

$7.$ Analyze how well TNT Fireworks manages its assets:

Requirement $7$a:$$

a$-1.$ Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of January.

Requirement $7$b:

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b$-1.$ 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?

b$-2.$ If the industry average profit margin is $4\%,$ is the company more or less efficient at converting sales to profit than other companies in the same industry?

b$-3.$ If the industry average asset turnover is $0\mathrm{.}5$ times per month, is the company more or less efficient at producing revenues with its assets than other companies in the same industry?