I would personally rule in favor of 1 bonus action being applied to all the animals summoned each turn since they are conjured by the same source.

The stats can be found in the Monster manual.  They are normal animals.  They are NOT familers. They are summoned creatures that are loyal to you and your allies. They act ln the casters initiative roll.  IE  Bart throws out an axebeak (Action) and tells it to attack enemies (Bonus Action). It than acts on Barts initiative as a seperate creature until 0 HP or 24 hours has passed.  As a bonus action, Bart can tell command the animal with a different command. 

Quote from littlemac29 >>

It states above in the second paragraph:
"See the Monsters Listing for the creature's statistics. The creature vanishes at the next dawn or when it is reduced to 0 hit points."
Although you may have to search individually for certain creatures.
For example, I was looking for Panther and had to search for it separately.
You'll find their stats though and with it stating that they work as a bonus action for your character, my guess is that they work off of the user's initiative.

  For creatures you cannot find. IE Panther, You can use the Tigers stats.  They do in fact work off of the casters initiative

If the person that summons the animals goes unconcise (drops to zero hp) what happens to the animals? Ie do they all just poof or just do what animals do?

This is basically a bag of Pokéballs. Just shout "Rowlet, I choose you!" if you get an owl or whichever Pokémon fits what you summon.

Well she wrong, summons act on their own. That's why familiar can give advantage or attack on their own, A Sheppard druid can attack with 20 summons.

My group recently mentioned that too, lol. I ruled in favor... food isn't a big deal anyway, lol. Thought it was creative. Once the food is digested, it transforms into energy, so even at the next dawn, their stomach may be empty, but the energy was already converted.

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As a DM of a party with 6 to 7 players every session for 3 years. I have given this item to multiple people and used the logic that you described based on the items description not based on the ranger sub-class and it has not had a huge impact on any encounter whether that be combat, exploration, or socal. But it sounds like your DM did not fully understand the items potential prior to given it to you I'd suggest to the both of you to talk about replacing it with a single use item that recharges at dawn and summons "a" creature aka you get a semi disposable pet that acts on your turns and uses the sidekick rules since it seems that they are overwhelmed by multiple attacks made by NPCs. Maby let the creature be a higher CR like 2 or 3 or that you could "re-attune" and change it over a short or long rest.

Baaaaaaaaaaaaddddddddd

so my dm gave me[level 2] a rust bag of tricks last session and this session i destroyed a encounter by pulling a giant boar and a lion out of my ass sadly my third pull was a goat but i killed the enemies quick enough that none of them took damage and next session we will be fighting a boss and guess what we are only taking a short rest in between sessions so i will be able to use them again against the boss if i could rate this item i would give it 5 stars it is fun for the whole party

Can the animals be dispelled with Dispel Magic?

Just finished making a custom Bag of Tricks with my DM for a campaign set in the Hells. I present to you, the Fiendish Bag of Tricks, filled with slimy/spiky balls! I can roll for these:

(1) lemure, (2) gibberling, (3) dretch, (4) abyssal chicken, (5) cackler, (6) imp, (7) quasit, (8) spined devil. 

I would assume so.