On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:AccountsDebitCredit$ 59,00025,600CashAccounts ReceivableAllowance for Uncollectible Accounts$ 2,500InventoryNotes Receivable (5%, due in 2 years)36,60015,600Land158,000Accounts Payable15,100Common Stock223,000Retained Earnings54,200Totals$294,800$294,800During January 2021, the following transactions occur:January 1 Purchase equipment for $19,80O. The company estimates a residual value of $1,800 and a six-year service life.January 4 Pay cash on accounts payable, $9,800.January 8 Purchase additional inventory on account, $85,900.January 15 Receive cash on accounts receivable, $22,300.January 19 Pay cash for salaries, $30,100.January 28 Pay cash for January utilities, $16,800.January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.Information for adjusting entries: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 $3,300 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remainingaccounts 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 $32,900.e. Accrued income taxes at the end of January are $9,300. c-1. Calculate the asset turnover ratio for the month of January.Asset Turnover RatioChoose NumeratorChoose DenominatorAsset Turnover RatioNet Sales* Average Total AssetsAsset Turnover$223,000 +422,225 =0.53 timesIIII

c-1. Calculate the asset turnover ratio for the month of January. Asset Turnover Ratio Choose Numerator Choose Denominator Asset Turnover Ratio Net Sales Average Total Assets Asset Turnover 223,000 + 422,225 = 0.53 times

c-1. Calculate the asset turnover ratio for the month of January. Asset Turnover Ratio Choose Numerator Choose Denominator Asset Turnover Ratio Net Sales Average Total Assets Asset Turnover 223,000 + 422,225 = 0.53 times

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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