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Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2021, VGC's Income
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2021, VGC's Income statement accounts had zero balances and Its balance sheet account balances were as follows: In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salarles and Wages Expense, Advertising Expense, and Utillties Expense. The January transactions are shown below: a. Recelved $66,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account In 2020 . b. Purchased 10 new computer servers for $36,400 on 1/2; pald $15,700 cash and signed a three-year note for the remainder owed. c. Paid $11,700 for an Internet advertisement run on 1/3. d. On January 4 , purchased and recelved $5,400 of supplies on account. e. Recelved $210,000 cash on 1/5 from customers for service revenue earned In January. f. On January 6 , pald $5,400 cash for supplies purchased on January 4. g. On January 7 , sold 11,700 subscriptions at $14 each for services provided during January. Half was collected In cash and half was sold on account h. Paid $350,000 In wages to employees on 1/30 for work done In January. I. On January 31, recelved an electric and gas utility bill for $6,210 for January utility services. The bill will be paid In February. General Journal tab - Prepare the journal entries to record the transactions (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31 , 2021. If there are no dividends, include a line that reports Dividends of zero. Balance Sheet tab - Prepare a classified Balance Sheet at January 31, 2021. Analysis tab - Calculate net profit margin, expressed as a percent. Journal entry worksheet Received $66,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020 . Record the transaction. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 15,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Land } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 1,790,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Buildings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 508,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 124,000 \\ \hline \end{tabular} Retained Earnings \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 1,812,200 \\ \hline \end{tabular} \begin{tabular}{|c|} \hline \multicolumn{1}{|c|}{ VANISHING GAMES CORPORATION } \\ \hline \multicolumn{1}{|c|}{ Statement of Retained Earnings } \\ \hline For the Month Ended January 31, 2021 \\ \hline Retained Earnings, January 1, 2021 \\ \hline \\ \hline Retained Earnings, January 31, 2021 \\ \hline \end{tabular} > \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ VANISHING GAMES CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ At January 31,2021} \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2021, VGC's Income statement accounts had zero balances and Its balance sheet account balances were as follows: In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salarles and Wages Expense, Advertising Expense, and Utillties Expense. The January transactions are shown below: a. Recelved $66,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account In 2020 . b. Purchased 10 new computer servers for $36,400 on 1/2; pald $15,700 cash and signed a three-year note for the remainder owed. c. Paid $11,700 for an Internet advertisement run on 1/3. d. On January 4 , purchased and recelved $5,400 of supplies on account. e. Recelved $210,000 cash on 1/5 from customers for service revenue earned In January. f. On January 6 , pald $5,400 cash for supplies purchased on January 4. g. On January 7 , sold 11,700 subscriptions at $14 each for services provided during January. Half was collected In cash and half was sold on account h. Paid $350,000 In wages to employees on 1/30 for work done In January. I. On January 31, recelved an electric and gas utility bill for $6,210 for January utility services. The bill will be paid In February. General Journal tab - Prepare the journal entries to record the transactions (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31 , 2021. If there are no dividends, include a line that reports Dividends of zero. Balance Sheet tab - Prepare a classified Balance Sheet at January 31, 2021. Analysis tab - Calculate net profit margin, expressed as a percent. Journal entry worksheet Received $66,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020 . Record the transaction. Note: Enter debits before credits. Each journal entry is posted automatically to the general ledger. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 15,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Land } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 1,790,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Buildings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 508,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 124,000 \\ \hline \end{tabular} Retained Earnings \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 1,812,200 \\ \hline \end{tabular} \begin{tabular}{|c|} \hline \multicolumn{1}{|c|}{ VANISHING GAMES CORPORATION } \\ \hline \multicolumn{1}{|c|}{ Statement of Retained Earnings } \\ \hline For the Month Ended January 31, 2021 \\ \hline Retained Earnings, January 1, 2021 \\ \hline \\ \hline Retained Earnings, January 31, 2021 \\ \hline \end{tabular} > \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ VANISHING GAMES CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ At January 31,2021} \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin
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