Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help, I am stuck on this question... Problem 3-8A The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel
Please help, I am stuck on this question...
Problem 3-8A The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $16,000; Land $38,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $12,000; and Common Stock $80,000. 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 $10,000; $2,000 was paid in cash and $8,000 will be paid on March 10 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $500 per night. 9 Received $9,900 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable 11 The Triquel Theater contracted with R. Lazio to operate the concession stand. Lazio agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand 12 Paid advertising expenses $500 20 Received $8,300 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $5,000 31 Paid salaries of $3,800 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,000 and the balance due to The Triquel of $1,500 ($10,000 x .15) for March, Lazio paid half the balance due and will remit the remainder on April 5 31 Received $20,000 cash from customers for admissionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started