es The following transactions are February activities of Swing Hard Incorporated, which offers golfing lessons in...

Transcribed Image Text:

es The following transactions are February activities of Swing Hard Incorporated, which offers golfing lessons in the northeastern United States. a. Swing Hard collected $23,600 from customers for lesson services provided in February. b. Swing Hard sold a gift card for golf lessons for $100 cash in February. c. Swing Hard received $5,200 from credit sales made to customers in January. d. Swing Hard collected $3,650 in advance payments for golf lessons to start in June. e. Swing Hard billed a customer $130 for services provided between February 25 and February 28. The bill is to be paid in March. Swing Hard paid $5,250 for wages to its golf instructors for the month of February. g. Swing Hard paid $2,100 for electricity used in the month of January. h. Swing Hard received an electricity bill for $1,700 for the month of February, to be paid in March. Required: 1. Prepare an income statement for Swing Hard Incorporated for the month ended February 28. (This income statement would be considered "preliminary because it uses unadjusted balances.) 2. What is the company's net profit margin, expressed as a percent? es The following transactions are February activities of Swing Hard Incorporated, which offers golfing lessons in the northeastern United States. a. Swing Hard collected $23,600 from customers for lesson services provided in February. b. Swing Hard sold a gift card for golf lessons for $100 cash in February. c. Swing Hard received $5,200 from credit sales made to customers in January. d. Swing Hard collected $3,650 in advance payments for golf lessons to start in June. e. Swing Hard billed a customer $130 for services provided between February 25 and February 28. The bill is to be paid in March. Swing Hard paid $5,250 for wages to its golf instructors for the month of February. g. Swing Hard paid $2,100 for electricity used in the month of January. h. Swing Hard received an electricity bill for $1,700 for the month of February, to be paid in March. Required: 1. Prepare an income statement for Swing Hard Incorporated for the month ended February 28. (This income statement would be considered "preliminary because it uses unadjusted balances.) 2. What is the company's net profit margin, expressed as a percent?

Answer rating: 100% (QA)

1 Income Statement for Swing Hard Incorporated for the Month Ended ... View the full answer