The following information applies to the questions displayed below.] MyBnB started a home rental...
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The following information applies to the questions displayed below.]
MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years.
| Accounts Payable | $ 450 | Equipment | $ 3,600 |
|---|---|---|---|
| Cash | 1,500 | Repairs Expense | 300 |
| Cleaning Expense | 1,350 | Service Revenue | 3,000 |
| Common Stock | 4,500 | Wages Expense | 1,200 |
6. Based on the financial statements prepared in requirement 5, determine whether the owner met her 10 percent net profit margin goal as of December 31. (Round your answer to 1 decimal place.)
Required information [The following information applies to the questions displayed below.] MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. Based on the financial statements prepared in requirement 5, determine whether the owner met her 10 percent net profit margin oal as of December 31. (Round your answer to 1 decimal place.)
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