Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Connon Stock Retained Earnings Totals Debit $ 58,800 25,200 Credit $2,300 36,400 13,200 156,000 14,900 221,000 $1,400 $ 289,600 $ 289,600 During January 2024, the following transactions occur. January 1 Purchase equipment for $19,600. The company estimates a residual value of $1,600 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January & Purchase additional inventory on account, $83,900. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,900. January 28 Pay cash for January utilities, $16,600. January 30 Firework sales for January total $221,000. All of these sales are on account. The cost of the units sold is $115,500. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $3,670 for estimated future uncollectible accounts. c. The company has accrued interest on notes receivable for January d. Unpaid salaries owed to employees at the end of January are $32.700. e. The company accrued income taxes at the end of January $9,100. Analyze how well TNT Fireworks manages its assets: equirement 7a: 1. Calculate the return on assets ratio, profit margin and asset turnover ratio for the month of January. equirement 7b: 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 he same industry? 2. If the industry average profit margin is 5%, is the company more or less efficient et converting sales to profit than other companies the same industry? 3. If the industry average asset turnover is 0.5 times per month, is the company more or less efficient at producing revenues with its ssets than other companies in the same industry?