10 500 PROBLEM 2.8 Income statement and balance sheet The following account balances are taken from the books of Century Cinemas on 31 December 2019. Revenues and expenses are for the year ended 31 December 2019. The retained profits balance is as at 1 January 2019 $ Accounts receivable 13 450 Accounts payable 13 910 Advertising expense 42 780 Cash 4610 Confectionery sales 12 300 Cost of confectionery sold Electricity expense Furniture and fittings 34 000 Inventory 18 000 Land and buildings 60 000 Loan payable 35 000 Projection equipment 41 000 Rent expense 33 200 Retained profits, 1 January 2019 59 720 Share capital 60 000 Ticket revence 81 700 1 Prepare an income statement for Century Cinemas for the year ended 31 December 2019. 2. Prepare a note for retained profits for the year ended 31 December 2019. 3. Prepare a balance sheet as at 31 December 2019. 5 090