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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