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.
December Transactions
Dec.	5	Paid accounts payable of $4,950.
	6	Paid stadium rental of $8,500 in advance.
	6	Purchased supplies, $720, on account.
	7	Deposited $16,000 of admissions receipts.
	9	Unearned admissions revenue is for gift certificates purchased for admission into future
		shows. $480 more of these gift certificates were sold to a local restaurant business, for cash.
	10	Purchased $2,150 of concessions items on credit.
	12	Acquired additional equipment worth $34,000 by paying $500 cash and giving a long-term
		note payable for the balance.
	14	Paid wages of $14,200 for the period December 1 through 14.
	16	Paid for the supplies purchased on December 6.
	17	Purchased $1,800 of supplies on credit.
	19	Sold 600 shares of $10 par value common stock for $10 a share.
	21	Deposited $22,750 from concessions sales and $10,660 of admissions receipts.
	24	Paid $1,600 for repairs to roof for weather damage.
	25	Purchased $8,200 of concessions items on account.
	27	Paid for the supplies purchased on December 17.
	28	Paid wages of $17,720 for the period December 15 through 28.
	30	Paid $2,500 to the newspaper for advertisements that appeared in December.
	31	Deposited $23,000 for admissions receipts and $17,850 from concessions sales.
	31	Declared and paid the annual dividend, amounting to $7,600.