Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin.
Calculate preliminary net income
Revenue | |
Service revenue | 20100 |
Rent revenue | 16000 |
Total revenue | 36100 |
Expense | |
Utilities expense | 2160 |
Salaries and wages expense | 14900 |
Total expense | 17060 |
Net income | 19040 |
a) Preliminary net income = 19040
b) Net profit margin = 19040/36100 = 52.74%
Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information,...
what is the preliminary net income and net profit margain? SPICEWOOD STABLES, INC. Unadjusted Trial Balance At April 30 Debit Credit Cash 24 162,090 Accounts Receivable 17,960 Supplies 5,200 Prepaid Insurance 6,300 Buildings 149,000 Accounts Payable 3,960 Deferred Revenue 3,050 Notes Payable (long-term) 74,500 Common Stock 240,000 Service Revenue 20,100 Rent Revenue 16,000 Utilities Expense 2,160 Salaries and Wages Expense 14,900 Total 357.610 357.610 Req 2 < Prev 2 of 4
what is the preliminary net income and net profit margin (Sarma Saving Prepare an unadjusted trial balance as of April 30. Credit 5,200 SPICEWOOD STABLES, INC. Unadjusted Trial Balance At April 30 Debit Cash m $ 162,090 Accounts Receivable 17,960 Supplies Prepaid Insurance 6,300 Buildings 149,000 Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Service Revenue Rent Revenue Utilities Expense Salaries and Wages Expense 14.900 Total S 355,450 3,960 3,050 74,500 24,000 20.100 16,000 820 142,430 < Req 2...
RE Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $200,000 of common stock on April 1. b. Acquired a barn for $142,000. On April 2, the company paid half the amount in cash and signed a...
Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. Received contributions from investors and issued $240,000 of common stock on April 1. Acquired a barn for $149,000. On April 2, the company paid half the amount in cash and signed a three-year note payable...
I need help filling out the rest of this please Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $230,000 of common stock on April 1. b. Acquired a barn for $180.000. On April 2. the company...
Revenue). Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $170,000 of common stock on April 1. b. Acquired a barn for $233,000. On April 2, the company paid half the amount in cash and signed a...
PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin [LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5] Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. Received contributions from investors...
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Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $210,000 of common stock on April 1. b. Acquired a barn for $140,000. On April 2, the company paid half the amount in cash and signed a three-year...
Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $230,000 of common stock on April 1. b. Acquired a barn for $180,000. On April 2, the company paid half the amount in cash and signed a three-year...