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Also, what is the net profit margin ratio? [The following Information applies to the questions displayed below.] Following are account balances (In millions of dollars)

Also, what is the net profit margin ratio?image text in transcribed

[The following Information applies to the questions displayed below.] Following are account balances (In millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): These accounts are not necessarlly In good order and have normal deblt or credit balances. Assume the following transactions (In millions, except for par value) occurred the next fiscal year beginning June 1 (the current year): a. Provided delivery service to customers, who pald $5,890 In cash and owed $29,504 on account. b. Purchased new equipment costing $3,614; slgned a long-term note. c. Paid $9,664 cash to rent equipment and alrcraft, with $4,486 for rent this year and the rest for rent next year. d. Spent $1,044 cash to repalr facilities and equipment during the year. e. Collected $29,685 from customers on account. f. Repald $240 on a long-term note (Ignore Interest). g. Issued 110 million additional shares of $0.10 par value stock for $25 (that's $25 million). h. Pald employees $11,526 for work during the year. I. Purchased spare parts, supplies, and fuel for the alrcraft and equipment for $9,264 cash. J. Used $6,900 In spare parts, supplies, and fuel for the alrcraft and equipment during the year. k. Pald $964 on accounts payable. I. Ordered \$106 In spare parts and supplies. Prepare an unadjusted Income statement for the current year ended May 31

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