Reference no: EM132845706
Question - Rowland & Sons Air Transport Service Ltd. has been in operation for three years. The following transactions occurred in February 2017:
Feb. 1 Paid $210 for rent of hangar space in February.
Feb. 4 Received customer payment of $810 to ship several items to Victoria next month.
Feb. 7 Flew cargo from Winnipeg to Regina; the customer paid in full ($910 cash).
Feb. 10 Paid pilot $1,300 in wages for flying in February.
Feb. 14 Paid $110 for an advertisement run in the local paper on February 14.
Feb. 18 Flew cargo for two customers from Edmonton to Lake Louise for $1,850; one customer paid $550 cash and the other asked to be billed $1,300.
Feb. 25 Purchased on account $1,360 in spare parts for the planes.
Required -
a. Prepare the journal entries for each transaction.
b. Calculate the company's net income.
c. Calculate the net profit margin expressed as a percent.
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