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I NEED SOLUTION WITH EXCEL FORMULA THANKS During the current year, the company had the following occur: a. Sold 1,000 shares of common stock for
I NEED SOLUTION WITH EXCEL FORMULA THANKS
During the current year, the company had the following occur: a. Sold 1,000 shares of common stock for $42,000 with a par value of $1 per share. b. Received an invoice for work done this year by the contracted office custodians and paid it with $2,000 cash. c. Purchased $12,000 of additional supplies on account. d. Incurred and paid employee wages of $22,000,90% was paid in cash with the remainder held on account until next year. e. Provided services for customers amounting to $64,000. 30% of this amount was collected in cash. f. Signed a note to borrow $25,000 from the bank due in 3 years. g. Paid the local radio station $500 to run an ad each day of the week for a month. h. Received an advance payment of $5,000 from a local business to provide consulting services next year. i. Collected $700 of principal on the note from a customer along with $30 of interest. j. Purchased equipment for $18,000. Half of the cost was paid with a down payment, the remainder will be paid in 5 years. k. The utility bill of $2,500 arrived and was paid immediately. I. Collected $10,000 on customer accounts. m. Paid $2,500 in principal on a note along with $100 in interest. Required: 1. Enter the correct transaction reference (a through m ) next to the T-Account values. 2. Create an Unadjusted Trial Balance on December 31 of the Current Year (ignore Income Tax Expense). 3. Create an Unadjusted Income Statement on December 31 of the Current Year (be sure to make Interest Expense negative). 4. Compute the Net Profit Margin for Jimball Incorporated rounded to two decimal places. Note: Use the =ROUND() function and change your format to a percentage. During the current year, the company had the following occur: a. Sold 1,000 shares of common stock for $42,000 with a par value of $1 per share. b. Received an invoice for work done this year by the contracted office custodians and paid it with $2,000 cash. c. Purchased $12,000 of additional supplies on account. d. Incurred and paid employee wages of $22,000,90% was paid in cash with the remainder held on account until next year. e. Provided services for customers amounting to $64,000. 30% of this amount was collected in cash. f. Signed a note to borrow $25,000 from the bank due in 3 years. g. Paid the local radio station $500 to run an ad each day of the week for a month. h. Received an advance payment of $5,000 from a local business to provide consulting services next year. i. Collected $700 of principal on the note from a customer along with $30 of interest. j. Purchased equipment for $18,000. Half of the cost was paid with a down payment, the remainder will be paid in 5 years. k. The utility bill of $2,500 arrived and was paid immediately. I. Collected $10,000 on customer accounts. m. Paid $2,500 in principal on a note along with $100 in interest. Required: 1. Enter the correct transaction reference (a through m ) next to the T-Account values. 2. Create an Unadjusted Trial Balance on December 31 of the Current Year (ignore Income Tax Expense). 3. Create an Unadjusted Income Statement on December 31 of the Current Year (be sure to make Interest Expense negative). 4. Compute the Net Profit Margin for Jimball Incorporated rounded to two decimal places. Note: Use the =ROUND() function and change your format to a percentageStep by Step Solution
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