Key+to+Fall+2010+Exam+1+TSA[1]

Key+to+Fall+2010+Exam+1+TSA[1] - Current assets Cash...

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Key to Exam 1 I. Multiple choice 1. C; 2. A; 3. B; 4. B; 5. A; 6. C; 7. D; 8. C; 9. B; 10. B. II. Matching Part 1: B; C; A; F; E; D; J; K; L; G. Part 2: B; B B; R I; I; B; I. III. Financial statement (1) Moonlight Drive-in Theater Income statement For June 2007 Revenues Ticket revenue $180,000 Concession revenue 29,600 209,600 Expenses Rent expense 103,400 Advertising expense 18,600 Salaries expense 60,000 Utilities expense 14,100 196,100 Net income 13,500
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(2) Moonlight Drive-in Theater Balance sheet June 30, 2007 Assets
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Unformatted text preview: Current assets Cash $140,000 PPE Land 148,000 Total assets 288,000 Liabilities and Stockholders Equity Current liabilities Accounts payable 87,600 Stockholders equity Common stock 114,000 Retained earnings 86,400 Total liabilities and stockholders equity 288,000 (3) Working capital = current assets current liabilities = 140,000 87,600 = 52,400 Debts to total assets ratio = total liabilities / total assets = 87,600 / 288,000 = 30.42%...
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Key+to+Fall+2010+Exam+1+TSA[1] - Current assets Cash...

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