The Importance of Being Earnest

Consider This, Inc., is a small community theater group that is putting together an income statement for the entire run of The Importance of Being Earnest that just ended on 10/28/17. The following data has been compiled:

Total ticket sales: 200 tickets sold at $12 each.

Cost of license to perform play: $500

Concession stand sales: $200

Cost of Concession stand food: $30

Cost of printing tickets and programs: $300

Cost of rental on the theater building: $450

Cost of renting costumes: $200

Requirements:

Prepare a single-step income statement for the run of this show using the information above.