Assume that Fitness and Fun, Inc. reported the following information for the nine-month period ended September 30,

Question:

Assume that Fitness and Fun, Inc. reported the following information for the nine-month period ended September 30, 2017. Items are listed alphabetically and are in thousands of dollars. 

Accounts Payable $ 102,665 Other Liabilities $ 86,234 Accounts Receivable 5,318 Retained Earnings (January 1, 2017) Gym Revenues 199,890 Cash (January 1, 2017) 5,354 575,667 Cash (September 30, 2017) Contributed Capital 7,119 Gym Operating Expenses Advertising and Marketing Expenses Selling and Administrative Expenses Interest and Other Expenses Income Tax Expense


Required: 

Prepare the four basic financial statements for the nine months ended September 30, 2017. 

a. Income statement 

Net Income = $58,806,000

b. Statement of retained earnings 

Closing Retained Earnings = $258,696,000

c. Balance sheet 

Total Assets = $1,595,925,000

d. Statement of cash flows

Cash Provided by Operating Activities = $102,559,000 

Cash Used in Investing Activities = $192,370,000 

Cash Provided by Financing Activities = $91,576,000

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Fundamentals of Financial Accounting

ISBN: 978-1259269868

5th Canadian edition

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

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