The following list, in alphabetical order, shows the various items that regularly appear on the financial statements
Question:
The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30, 2010 (with the exception of retained earnings, which is the balance on September 1, 2010), and the amounts shown for income statement items are balances for the month ended September 30, 2010.
Required
1. Prepare an income statement for the month ended September 30, 2010.
2. Prepare a statement of retained earnings for the month ended September 30, 2010.
3. Prepare a balance sheet at September 30, 2010.
4. You have $1,000 to invest. On the basis of the statements you prepared, would you use it to buy stock in Maple Park? Explain. What other information would you want before making a finaldecision?
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton