00 8 Check my work Part 8 of 8 9.09 points Required Information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2021, VGC's Income statement accounts had zero balances and its balance sheet account balances were as follows: Accounts Receivable eBook Cash $ 1,590,000 245,000 Print References Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2825) Common Stock Retained Earnings 17,800 922,000 435,000 1,250,000 137,000 140,000 81,000 2,800,000 1,301,800 In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Received $65,250 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 $34,600 on 1/2; paid $14,400 cash and signed a three-year note for the remainder owed. c. Paid $12,600 for an Internet advertisement that ran today on 1/3. d. On January 4, purchased and received $3,300 of supplies on account. e. Received $215,000 cash on 1/5 from customers for service revenue earned but not previously recorded in January. f. On January 6, paid $3,300 cash for supplies purchased on January 4. g. On January 7, sold 19,200 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $420,000 in wages to employees on 1/30 for work done in January. 1. On January 31, received an electric and gas utility bill for $5,250 for January utility services. The bill will be paid in February. 8. Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin %
00 8 Check my work Part 8 of 8 9.09 points Required Information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2021, VGC's Income statement accounts had zero balances and its balance sheet account balances were as follows: Accounts Receivable eBook Cash $ 1,590,000 245,000 Print References Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2825) Common Stock Retained Earnings 17,800 922,000 435,000 1,250,000 137,000 140,000 81,000 2,800,000 1,301,800 In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Received $65,250 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 $34,600 on 1/2; paid $14,400 cash and signed a three-year note for the remainder owed. c. Paid $12,600 for an Internet advertisement that ran today on 1/3. d. On January 4, purchased and received $3,300 of supplies on account. e. Received $215,000 cash on 1/5 from customers for service revenue earned but not previously recorded in January. f. On January 6, paid $3,300 cash for supplies purchased on January 4. g. On January 7, sold 19,200 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $420,000 in wages to employees on 1/30 for work done in January. 1. On January 31, received an electric and gas utility bill for $5,250 for January utility services. The bill will be paid in February. 8. Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
![00
8
Check my work
Part 8 of 8
9.09
points
Required Information
[The following information applies to the questions displayed below.]
Vanishing Games Corporation (VGC) operates a massively multiplayer online game,
charging players a monthly subscription of $12. At the start of January 2021, VGC's Income
statement accounts had zero balances and its balance sheet account balances were as
follows:
Accounts Receivable
eBook
Cash
$ 1,590,000
245,000
Print
References
Supplies
Equipment
Buildings
Land
Accounts Payable
Deferred Revenue
Notes Payable (due 2825)
Common Stock
Retained Earnings
17,800
922,000
435,000
1,250,000
137,000
140,000
81,000
2,800,000
1,301,800
In addition to the above accounts, VGC's chart of accounts Includes the following: Service
Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The
following transactions occurred during the January month:
a. Received $65,250 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 $34,600 on 1/2; paid $14,400 cash and signed a
three-year note for the remainder owed.
c. Paid $12,600 for an Internet advertisement that ran today on 1/3.
d. On January 4, purchased and received $3,300 of supplies on account.
e. Received $215,000 cash on 1/5 from customers for service revenue earned but not
previously recorded in January.
f. On January 6, paid $3,300 cash for supplies purchased on January 4.
g. On January 7, sold 19,200 subscriptions at $12 each for services provided during January.
Half was collected in cash and half was sold on account.
h. Paid $420,000 in wages to employees on 1/30 for work done in January.
1. On January 31, received an electric and gas utility bill for $5,250 for January utility
services. The bill will be paid in February.
8. Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.)
Net Profit Margin
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d7a5057-887f-47fe-bb6e-5d9d35c8861b%2F56ebc65a-ef50-4044-9b66-a525e9dd273a%2F9xst15x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:00
8
Check my work
Part 8 of 8
9.09
points
Required Information
[The following information applies to the questions displayed below.]
Vanishing Games Corporation (VGC) operates a massively multiplayer online game,
charging players a monthly subscription of $12. At the start of January 2021, VGC's Income
statement accounts had zero balances and its balance sheet account balances were as
follows:
Accounts Receivable
eBook
Cash
$ 1,590,000
245,000
Print
References
Supplies
Equipment
Buildings
Land
Accounts Payable
Deferred Revenue
Notes Payable (due 2825)
Common Stock
Retained Earnings
17,800
922,000
435,000
1,250,000
137,000
140,000
81,000
2,800,000
1,301,800
In addition to the above accounts, VGC's chart of accounts Includes the following: Service
Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The
following transactions occurred during the January month:
a. Received $65,250 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 $34,600 on 1/2; paid $14,400 cash and signed a
three-year note for the remainder owed.
c. Paid $12,600 for an Internet advertisement that ran today on 1/3.
d. On January 4, purchased and received $3,300 of supplies on account.
e. Received $215,000 cash on 1/5 from customers for service revenue earned but not
previously recorded in January.
f. On January 6, paid $3,300 cash for supplies purchased on January 4.
g. On January 7, sold 19,200 subscriptions at $12 each for services provided during January.
Half was collected in cash and half was sold on account.
h. Paid $420,000 in wages to employees on 1/30 for work done in January.
1. On January 31, received an electric and gas utility bill for $5,250 for January utility
services. The bill will be paid in February.
8. Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.)
Net Profit Margin
%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education