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Main Squeeze had the following transactions as a result of it's first summer in operation...

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Main Squeeze had the following transactions as a result of it's first summer in operation (May through September); a. Paid for $260 worth of advertisements all of which ran during the summer. b. Sold $10,920 worth of lemonade, receiving $9,600 in cash with the rest owed by customers from special catering events. c. Paid $500 for inventory ordered in May, and ordered $3,200 more inventory throughout the season of which all was paid for except $450 outstanding at the end of d. Made monthly lease payments of $500 from May to September. e. Paid $850 on note payable, $50 of which was interest. f. Paid a part-time employee $1,500 per month for May June July, and August. September pay is still outstanding g. Paid deposit for next years lease of $250 h. Sold prepaid gift cards totaling $650 to customers to use the next season. Required 1. Prepare Journal Entries to record the above transactions, checking that debits equal credits 2. Prepare a multi-step income statement of earnings for the summer ended september 30 based only on the 3. Calculate the net profit margin at September 30th (use earnings before taxes instead of Net earnings) What does this ratio indicate about the ability of Main Squeeze to control operations

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