Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in
February:
February Paid $ to rent equipment that was used and returned today.
February Received customer payment of $ to ship several items to Philadelphia next month.
February Flew cargo from Denver to Dallas; the customer paid in full $ cash
February Incurred and paid $ in pilot wages for flying in February.
February Paid $ for an advertisement run in the local paper on February
February Flew cargo for two customers from Dallas to Albuquerque for $; one customer paid $ cash and the other asked to be billed
$
February Purchased on account $ in supplies for future use on the planes.
Required:
Prepare accrual basis journal entries for each transaction.
Calculate the company's preliminary net income.
Calculate the company's net profit margin expressed as a percent.
Complete this question by entering your answers in the tabs below.
Calculate the company's preliminary net income.Complete this question by entering your answers in the tabs below.
Required
Calculate the company's net profit margin expressed as a percent. Round your answer to decimal place.