The following transactions are February activities of Swing Hard Incorporated, which offers golfing lessons in the northeastern United States. Swing Hard collected $20,600 from customers for lesson services provided in February. Swing Hard sold a gift card for golf lessons for $155 cash in February. Swing Hard received $2,300 from credit sales made to customers in January. Swing Hard collected $2,300 in advance payments for golf lessons to start in June. Swing Hard billed a customer $180 for services provided between February 25 and February 28. The bill is to be paid in March. Swing Hard paid $2,600 for wages to its golf instructors for the month of February. Swing Hard paid $2,500 for electricity used in the month of January. Swing Hard received an electricity bill for $1,420 for the month of February, to be paid in March. Required 1. Prepare an income statement for Swing Hard Incorporated for the month ended February 28. (This income statement would be considered "preliminary" because it uses unadjusted balances.)2. What is company's net profit margin expressed as a percent?

Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree in accounting during 2018. he has never had a felony drug conviction. aiden did not provide more than half of his own support and can be claimed as a dependent by his mother. aiden’s income was $4,000 in wages working as a part-time cook at a fast food restaurant. aiden received form 1098-t indicating $5,000 for payments received for qualified tuition and related expenses in box 1. he received $8,500 in scholarships and grants, which was reported in box 5. aiden’s scholarship was used to pay for room and board, tuition, and books. the cost of his books was $845. aiden is a u.s. citizen with a valid social security number. 1. which of the following statements is true? a. the portion of the scholarship that was not used for qualified educational expenses must be included in aiden's income. b. the amount spent on books is not a qualified education expense. c. the taxable portion of the scholarship must be reported on aiden's mother’s return. d. none of aiden's scholarship is taxable.