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Prepare a statement of retained earnings

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Reference no: EM13787281

Income Statement - Statement of Retained Earnings, and

 Balance Sheet

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, 2014 (with the exception of retained earnings, which is the balance on September 1, 2014), and the amounts shown for income statement items are balances for the month ended September 30, 2014.

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

Questions

1. Prepare an income statement for the month ended September 30, 2014.

2. Prepare a statement of retained earnings for the month ended September 30, 2014.

3. Prepare a balance sheet at September 30, 2014.

4. You have $1,000 to invest. On the basis of the statements you prepared, would you use it to buy stock in Maple Park? Explain. What other information would you want before making a final decision?

Reference no: EM13787281

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