Question
The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30, 2017 (with the exception of retained earnings, which is the balance on September 1, 2017), and the amounts shown for income statement items are balances for the month ended September 30, 2017.
1. Using the data given, prepare an income statement for the month ended September 30, 2017.
2. Using the data given, prepare a statement of retained earnings for the month ended September 30, 2017.
3. Using the data given, prepare a balance sheet at September 30, 2017.
4. You have $1,000 to invest. You want to use it to buy stock in Maple Park? Which of the following information would you least consider before making a final decision?
|
Accounts payable |
$17,600 |
|
Furniture and fixtures |
$34,000 |
|
Accounts receivable |
6,410 |
|
Land |
26,000 |
|
Advertising expense |
14,500 |
|
Notes payable |
20,000 |
|
Buildings |
60,000 |
|
Projection equipment |
25,000 |
|
Capital stock |
50,000 |
|
Rent expense—movies |
50,600 |
|
Cash |
15,230 |
|
Retained earnings |
73,780 |
|
Concessions revenue |
60,300 |
|
Salaries and wages expense |
46,490 |
|
Cost of concessions sold |
23,450 |
|
Ticket sales |
95,100 |
|
Dividends paid during the month |
8,400 |
|
Water, gas, and electricity |
6,700 |
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