80.2K

Verified Solution

Link Copied!

M3-9 (Static) Preparing an Income Statement and Calculating Net Profit Margin (LO 3-1, LO 3-5] The following transactions are July activities of Bill's Extreme Bowling, Incorporated, which operates several bowling centers a. Bill's collected $12,000 from customers for services related to games played in July b. Bill's billed a customer for $250 for a party held at the center on the last day of July. The bill is to be paid in August c. The men's and women's bowling leagues gave Bill's advance payments totaling $1.500 for the fall season that starts in September d. Bill's received $1,000 from credit sales made to customers last month (in June). e Bill's paid $1,500 to plumbers for repairing a broken pipe in the restrooms. . Bil's paid $2.000 for the June electricity bill and received the July bill for $2,500, which will be paid in August g. Bill's paid $5,475 to employees for work in July Required: 1. Prepare an income statement for Bill's Extreme Bowling, Incorporated, for the month ended July 31. (This income statement would be considered "preminary" because it uses unadjusted balances.) 2. What is the company's net profit margin, expressed as a percent Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for Bill's Extreme Bowling, Incorporated, for the month ended July 31. (This income statement would be considered preliminary because it uses unadjusted balances) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for Bill's Extreme Bowling, Incorporated, for the month ended July 31. (This income statement would be considered "preliminary" because it uses unadjusted balances.) BILL'S EXTREME BOWLING, INCORPORATED Income Statement For the Month Ended July 31 0 0 Re Required 2 > Required: 1. Prepare an income statement for Bill's Extreme Bowling, Incorporated, for the month ended July 31. (This income statement would be considered "preliminary because it uses unadjusted balances.) 2. What is the company's net profit margin, expressed as a percent Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the company's net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Not Probt Margin %

Answer & Explanation Solved by verified expert

See Answer