Please answer all parts of questions, minus part one. Just part two, three and four.
Following are selected account balances (In millions of dollars) from a recent. UPS annual report, followed by several typical transactlons. Assume that the following are account balances on December 31 (end of the prlor fiscal year): These accounts are not necessarlly in good order and have normal debit or credit balances. (Note: Because these are not all of UPS's accounts, these will not balance in a trlal balance.) Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning January 1 (the current year): a. Provided delivery service to customers, who pald $3,390 in cash and owed $26,304 on account. b. Purchased new equlpment costing $3,514; signed a long-term note. c. Pald $8,664 cash to rent equipment and alrcraft, with $3,736 for rent this year and the rest for rent next year (a prepald expense). d. Spent $944 cash to repalr facilitles and equipment during the year. e. Collected $26,685 from customers on account. f. Repald \$190 on a long-term note (Ignore Interest). g. Issued 200 million additional shares of $0.01 par value stock for $20 (that's $20 million). h. Pald employees $10,276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the alrcraft and equipment for $7,764 cash. J. Used $6,650 in spare parts, supplies, and fuel for the alrcraft and equipment during the year. k. Pald $864 on accounts payable. I. Ordered $96 in spare parts and supplies. Required: 1. Prepare journal entrles for each transaction. 2. Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year. Record In the T-accounts the effects of each transaction. Label each using the letter of the transaction. 3. Prepare an unadjusted Income statement for the current year ended December 31 . 4. Compute the company's net profit margin ratio for the current year ended December 31. Complete this question by entering your answers in the tabs below. Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars. Nate: Enter detits before cred ts. Following are selected account balances (In millions of dollars) from a recent. UPS annual report, followed by several typical transactlons. Assume that the following are account balances on December 31 (end of the prlor fiscal year): These accounts are not necessarlly in good order and have normal debit or credit balances. (Note: Because these are not all of UPS's accounts, these will not balance in a trlal balance.) Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning January 1 (the current year): a. Provided delivery service to customers, who pald $3,390 in cash and owed $26,304 on account. b. Purchased new equlpment costing $3,514; signed a long-term note. c. Pald $8,664 cash to rent equipment and alrcraft, with $3,736 for rent this year and the rest for rent next year (a prepald expense). d. Spent $944 cash to repalr facilitles and equipment during the year. e. Collected $26,685 from customers on account. f. Repald \$190 on a long-term note (Ignore Interest). g. Issued 200 million additional shares of $0.01 par value stock for $20 (that's $20 million). h. Pald employees $10,276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the alrcraft and equipment for $7,764 cash. J. Used $6,650 in spare parts, supplies, and fuel for the alrcraft and equipment during the year. k. Pald $864 on accounts payable. I. Ordered $96 in spare parts and supplies. Required: 1. Prepare journal entrles for each transaction. 2. Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year. Record In the T-accounts the effects of each transaction. Label each using the letter of the transaction. 3. Prepare an unadjusted Income statement for the current year ended December 31 . 4. Compute the company's net profit margin ratio for the current year ended December 31. Complete this question by entering your answers in the tabs below. Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars. Nate: Enter detits before cred ts
