Question

Practice Name cash 16,544 Required Use the domation in a sid trial balance to prepar 400,000 53,400 370,000 the income aument for the year the statement of uity for the year ended December 31 101,000 31,600 (c) the balance sheet us of December 31. Accounts Receivable Prepaid Insurance Office Supplies Cleaning Supplies Land Building Accumulated Depreciation Building Theater Furnishings Accumulated Depreciation, Theater Furnishings Otice Equipment Accumulated Deprertation, Office Equipment Accounts Payable Caft Books Liability Mortgage Payable Common Stock Retained Earnings Dividends Ticket Sales Revenue Theater Rental Revenue Usher Wages Expense Office Wages Expense Utilities Expense Interest Expense 18,720 45,506 300.000 200,000 112,648 60.000 449,200 45,200 157,860 24,000 112,700 27,000 17,400 3,122 14.000 Insurance Expense Office Supplies Expense Cleaning Supplies Expense Depreciation Expense, Building Depreciation Expense, Theater Furnishings Depreciation Expense, Office Equipment Wages Payable Income Taxes Expense Income Taxes Payable 36,000 3,160 20.000 1.350,634 20,000 1350.634 ABC INC. Income Statement Revenver: Expenses :

Answer 1

Income statement:

ABC Inc.
Income statement
Revenues:
Ticket sales revenue	$449,200
Theater rental revenue	$45,200
Total revenues		$494,400
Expenses:
Usher wages expense	$157,860
Office wages expense	$24,000
Utilities expense	$112,700
Interest expense	$27,000
Insurance expense	$17,400
Office supplies expense	$536
Cleaning supplies expense	$3,122
Depreciation expense, building	$14,000
Depreciation expense, Theater	$36,000
Depreciation expense, Office	$3,160
Income taxes expense	$20,000
Total expenses		$415,778
Net income		$78,622

Statement of retained earnings:

ABC Inc.
Statement of retained earnings
Retained earnings, beginning		$112,648
Net income		$78,622
Balance		$191,270
(Less): Dividends		($60,000)
Retained earnings, ending		$131,270

Balance Sheet:

ABC Inc.
Balance Sheet
Assets			Liabilities and stockholder's equity
Cash		$31,800	Accounts payable		$45,506
Accounts receivable		$18,544	Wages payable		$860
Prepaid insurance		$2,200	Income taxes payable		$20,000
Office supplies		$244	Gift books liability		$4,100
Cleaning supplies		$468	Mortgage payable		$300,000
Land		$20,000	Total liabilities		$370,466
Building	$400,000
Accumulated depreciation, building	($53,400)	$346,600	Stockholder's equity:
Theater Furnishings	$370,000		Common stock		$200,000
Accumulated depreciation, Theater	($101,000)	$269,000	Retained earnings		$131,270
Office equipment	$31,600		Total stockholder's equity		$331,270
Accumulated depreciation, office	($18,720)	$12,880
Total assets		$701,736	Total Liabilities and stockholder's equity		$701,736