please complete all parts
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): Account Balance Account Balance Property and equipment (net) $14,094 Receivables $1,599 Retained earnings 9,806 Other current assets 889 Accounts payable 1,277 Cash 904 Prepaid expenses 118 Spare parts, supplies, and fuel 415 Accrued expenses payable 2,090 Other noncurrent liabilities 3,320 Long-term notes payable 1,510 Other current liabilities 1,959 Other noncurrent assets 2,582 Additional Paid-in Capital 637 Common stock (50.10 par value) These accounts are not necessarily in good order and have normal debitor 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 paid $1,890 in cash and owed $25,104 on account b. Purchased new equipment costing $3,454, signed a long-term note. c. Paid $8,064 cash to rent equipment and aircraft, with $3,286 for rent this year and the rest for rent next year. d. Spent $884 cash to repair facilities and equipment during the year e. Collected $24,885 from customers on account. Repaid $160 on a long-term note (ignore interest). Issued 30 million additional shares of $0.10 par value stock for $17 (that's $17 million) h. Pald employees $9,526 for work during the year Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,864 cash. JUsed $6,500 in spare parts, supplies, and fuel for the aircraft and equipment during the year k Paid $804 on accounts payable 1. Ordered $90 in spare parts and supplies Required: 1. Prepare journal entries for each transaction. (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.) No Transaction Debit Credit 1 a Answer is complete but not entirely correct. General Journal Cash Accounts receivable Delivery service revenue 1,890 25,104 26,994 2 b. 3,454 Property and equipment Long-term notes payable 3,464 3 C Rent expense Prepaid expenses Cash OOO 3,286 4,778 - 8,064 4 d. * Repairs expense Cash 884 884 5 Cash Accounts receivable 24,885 > 24,885 6 Long-term notes payable Cash 160 100 Prev 12 3 4 of 4 Next > Required information Lasn > 10U 7 17 9 3 0 Cash Common stock Additional paid-in-capital 14 8 h 9,526 Wages expense Cash 9,526 9 6,864 Spare parts, Supplies, and Fuel Cash 6,864 10 6,500 Spare parts, Supplies, and Fuel expense Spare parts, Supplies, and Fuel 3 6,500 11 K 804 Accounts payable Cash 804 12 1 X Miscellaneous expenses Cash 90 90 Cash Receivables Beg. bal Beg bal End. bal End bal Spare Parts, Supplies, and Fuel Prepaid Exponses Beg. bal Beg. bal End, bal End, bal. Other Current Assets Property and Equipment (net) Beg. bal Beg. bal. End, bal End, bal. Other Noncurrent Assets Accounts Payable Beg. bal Beg, bal End, bai 0 End. bal 0 Accrued Expenses Payable Other Current Liabilities Beg. bal Beg. bal End, bal. End, bal 0 Long-Term Notes Payable Other Noncurrent Liabilities Beg, bal Beg, bal End, bal 0 End, bal. Common Stock Additional Pald-in Capital Beg, bal Beg, bal End, bal 0 End, bal. 0 Retain Carlo Required information 0 0 End, bal. End, bal Retained Earnings Delivery Service Revenue Beg, bal Beg. bal. End, bal 0 End, bal Rent Expense Repair Expense Beg. bal Beg. bal. End, bal. End, bal. Wago Expense Beg. bal. Spare Parts, Supplies, and Fuel Expense Beg. bal. End, bal 0 End. bal. 0 3. Prepare an unadjusted income statement for the current year ended May 31. StateEx Income Statement (unadjusted) (in millions) 0 4. Compute the company's net profit margin ratio for the current year ended May 31. (Round your percentage answer to 1 decimal place (ie, 32.1)). Not profit margin ratio %
