Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Really need help with the financial statements (Income statement, Stockholders equity, Balance sheet and Cash flow statement) This project is to be done on pencil

Really need help with the financial statements (Income statement, Stockholders equity, Balance sheet and Cash flow statement)

image text in transcribed

image text in transcribed

This project is to be done on pencil and paper NO INK, NO PRINTOUT, NO PHOTOCOPY This company runs a movie theater. Film rental is the cost of the movies shown in the theater. Record the transactions in a journal form Post the transactions to a ledger (T accounts) Prepare a trial balance Record the adjusting entries in the journal Post the adjusting entries to the Ledger Prepare an adjusted trial balance Prepare the financial statements for the month Income statement Statement of Stockholder Equity Balance Sheet ash flow statement Net Income = $54 Film rental is the cost of the movies Stupid Accounting Project Theater Trial Balance 1-Nov-20 2,135 200 2,950 12,050 Cash Supplies Sound Equip Projection Equip Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings 2,000 385 150 12,500 2,300 17,335 17,335 Press Esc to exit full screen 1-Nov Borrowed 1000 from bank 2-Nov Received $300 from admissions 3-Nov Received $230 from admissions | 5-Nov Paid $80 to Price Optical Company on account 5-Nov Paid $25 for advertising 6-Nov Paid $100 to Dempsey Sound Service on account (work done for us previously) 6-Nov Paid $300 for rent of November 6-Nov Purchased $60 supplies on account 8-Nov Paid $135 for film rental 9-Nov Received $185 from admissions | | 10-Nov Paid $7 for new fuses for the projector 10-Nov Received $150 from admissions 12-Nov Paid $20 for advertising 1 13-Nov Paid $60 for seat repairs | 15-Nov Paid $50 for some new sound equipment 15-Nov Paid $74 for film rental | 15-Nov Paid salaries of $300 16-Nov Received $175 from admissions 17-Nov Received $193 from admissions 19-Nov Paid $18 for advertising | 20-Nov Paid $13 for carpet repair | 23-Nov Received $165 from admissions 24-Nov Paid $85 for film rental 24-Nov Received $143 from admissions 26-Nov Sold old projection equipment for $25 Original cost was $600 Acc Dep at sale: $580 27-Nov Paid $25 for advertising 29-Nov Paid $115 for film rental | 30-Nov Paid $65 for electricity for November | 30-Nov Paid $15 for water service for November 30-Nov Received $135 from admissions During the month, $45 of supplies were used The depreciation expense for the month was $150 At the end of the month the company owed $200 of salaries to employees Accrue interest on note payable at 6%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Students also viewed these Accounting questions