Answered Essay: The following list, in alphabetical order, shows the various items that regularly appea

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, 2017 (with the exception of retained earnings, which is the balance on September 1, 2017), and the amounts shown for income statement items are balances for the month ended September 30, 2017.

Accounts payable $17,600 Furniture and fixtures $34,000
Accounts receivable 6,410 Land 26,000
Advertising expense 14,500 Notes payable 20,000
Buildings 60,000 Projection equipment 25,000
Capital stock 50,000 Rent expense—movies 50,600
Cash 15,230 Retained earnings 73,780
Concessions revenue 60,300 Salaries and wages expense 46,490
Cost of concessions sold 23,450 Ticket sales 95,100
Dividends paid during the month 8,400 Water, gas, and electricity 6,700

1. Using the data given, prepare an income statement for the month ended September 30, 2017.

Maple Park Theatres Corp.
Income Statement
For The Month Ended September 30, 2017
Revenues:
Ticket sales $
Total revenues $
Expenses:
$
Total expenses
$

2. Using the data given, prepare a statement of retained earnings for the month ended September 30, 2017.

Maple Park Theatres Corp.
Statement Of Retained Earnings
For The Month Ended September 30, 2017
$
$

3. Using the data given, prepare a balance sheet at September 30, 2017.

Maple Park Theatres Corp.
Balance Sheet
September 30, 2017
Assets
$
Total assets $
Liabilities and stockholders’ equity
$
Total liabilities and stockholders’ equity $

4. You have $1,000 to invest. You want to use it to buy stock in Maple Park? Which of the following information would you least consider before making a final decision?

1. Whether the company is operating at a profit?
2. The amount of dividends paid by the company.
3. The amount of salaries the company pays.
4. Current market price of the stock.

Expert Answer

 

1 Maple Park Theatres Corp.
Income Statement
For the month ended September 30, 2017
Revenue
Ticket Sales $95,100
Concessions revenue $60,300
Total Revenue $155,400
Expenses:
Cost of concessions sold $23,450
Advertising expenses $14,500
Rent Expenses – Movies $50,600
Salaries & wages expenses $46,490
Water, gas and electricity $6,700
Total Expensees $141,740
Net Income $13,660
2 Maple Park Theatres Corp.
Statement of Retained Earnings
For the month ended September 30, 2017
Retained Earnings, Sep 1 $73,780
Add: Net Income / (loss) $13,660
$87,440
Less: Dividend $8,400
Retained Earnings, Sep 30 $79,040
3 Maple Park Theatres Corp.
Balance Sheet
September 30, 2017
Asets
Cash $15,230
Accounts Payable $6,410
Projection Equipment $25,000
Building $60,000
Furniture & Fixture $34,000
Land $26,000
Total assets $166,640
Liabilities and Stockholders’ Equity
Liabilities
Accounts Payable $17,600
Notes Payable $20,000
Total Liabilities $37,600
Stockholders’ Equity
Capital Stock $50,000
Retained Earnings $79,040
Total Stockholders’ Equity $129,040
Total Liabilities and Stockholders’ Equity $166,640
4 3. The amount of salaries the company pays.
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