Rowland & Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions
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Question:
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 companys preliminary net income.
Calculate the companys net profit margin expressed as a percent.
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