Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

ledger please Question 3 of 3 0.5/1 10. 3 9 The Oriole Theater Inc. was recently formed. It began operations in March 2022. The Oriole

ledger please image text in transcribed
Question 3 of 3 0.5/1 10. 3 9 The Oriole Theater Inc. was recently formed. It began operations in March 2022. The Oriole is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Oriole showed Cash $18,000: Land $38,000, Buildings concession stand, projection room, ticket booth, and screen) $20.500; Equipment $17.000; Accounts Payable $10,900, and Common Stock $82,600, During the month of March, the following events and transactions occurred: Mar. 2 Rented the first three Star Wars movies (Star Wars: The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $11,000: $1,900 was paid in cash and $9,100 will be paid on March Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $600 per night. Received $12,000 cash from admissions. Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable. The Oriole Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Oriole 15% of gross receipts, payable monthly, for the rental of the concession stand. Pald advertising expenses $600, Received 59.400 cash from customers for admissions Received the Star Trek movies and paid rental fee of $4,500 Paid salaries of $3,600 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,600 and the balance due to The Oriole of $1.590 ($10,600 x 15) for March. Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5. Received $22.500 cash from customers for admissions. 10 12 20 20 31 31 a)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

9781285586618

Students also viewed these Accounting questions