XYZ Football Club is a small professional football team owned by Singh Corporation.
On the worksheet tab are the November 30, 2019, account balances of XYZ Football as of
November 30, 2019. The revenue and expense account balances represent the results
of transactions recorded during the first 11 months of 2018. XYZ currently has 7,000 shares of
stock. All income tax effects are to be ignored for this project.
On November 30, 2019, XYZ Football ledger showed the following accounts: cash $238,000,
concessions inventory $10,200, supplies inventory $8,200, prepaid stadium rental $12,800,
equipment $250,000, accumulated depreciation - equipment $117,200, building $400,000,
accumulated depreciation - building $115,500, accounts payable $20,220, wages payable $0,
utilities payable $0, interest payable $0, unearned admission revenue $3,300, long-term notes
payable $43,000, common stock ($10 par value per share) $70,000,
Retained earnings at 1/1/19 $280,860, dividends $0, admission revenue $512,600, concessions
revenue $528,650, wages expense $430,200, stadium rental expense $187,000, concessions
expense $118,230, supplies expense $0, utilities expense $16,600, advertising expense $6,300,
maintenance expense $13,800, depreciation expense - equipment $0, depreciation
expense - building $0, interest expense $0.
Instructions:
1. Prepare the three basic financial statements; income statement, statement of retained earnings,
and balance sheet, linking amounts from the accounting equation worksheet prepared in '1.' above.
Link amounts from the worksheet to the financial statements, and from one financial statement to
the other in such a way that all financial statements are updated as you enter transactions into
the worksheet. Dont forget to enter the beginning balances, too. As always, format is critical,
please avoid improper page breaks, improper number formats, etc.
I suggest placing the income statement and statement of retained earnings on one worksheet, and
the balance sheet on another worksheet.
2. Please record the transactions and adjustments shown on the next page in the accounting
equation worksheet provided on the next tab. The worksheet has been formatted and set up
and is ready to use.