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only need help with preliminary net income and net profit margin Required information [The following information applies to the questions displayed below] In January, Tongo,
only need help with preliminary net income and net profit margin
Required information [The following information applies to the questions displayed below] In January, Tongo, incorporated, a branding consultant, had the following transactions a Received $15,600 cash for consulting services rendered in January. b Issued common stock to investors for $13,000 cash c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years d Received $9,300 cash for consulting services to be performed in February e Bought and received $1,580 of supplies on account f Received utility bill for January for $1.990, due February 15 g Consulted for customers in January for fees totaling $23.000, due in February h. Received $17,200 cash for consulting services rendered in December I. Paid $790 toward supplies purchased in (e) Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31 Rowland \& Sons Air Transport Service, Incorporated, has been in operation for three years. The following transactions occurred in February: February 1 Paid $410 for reat of hangar space in February. Fobruary 4 Received customer paymont of $1,740 to ship several iteas to Philadelphia next month. February 7 Fleu cargo froe Denver to Dallas; the custoner paid in full ($1,230 cash). February 10 Incurred and paid \$3,000 in pilot wages for flying in February. February 14 Paid $128 for an advertisentent run in the local paper on February 14. be billed $2,160. February 25 Purchased on account $1,510 in supplies for future use on the planes. Required: 1. Prepare accrual basis journol entries for each transaction 2. Calculate the company's preliminary net incorne. 3. Calculate the company's net profit matgin expressed as a percent Step by Step Solution
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