STEPS

Fundamentals of Financial Accounting with Annual Report

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: INSTRUCTOR Class: McGraw Hill/Irwin Step-by-Step Problem Guide to Individual Problems to work this problem. WILLAMETTE CONSULTING Income Statement For the Month Ended June 30, 20xx Revenues: Ticket revenue $160,000 Concession revenue 29,600 Total revenue 189,600 Expenses: Equipment rent expense $50,000 Film rent expense 53,400 Advertising expense 18,600 Salaries expense 40,000 Utilities expense 14,100 Total expense 176,100 Net Income: $13,500 WILLAMETTE CONSULTING Statement of Retained Earnings For the Month Ended June 30, 20xx Retained earnings, June 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $84,900 Add: Net income for June 13,500 Total $98,400 Less: Dividends 12,000 Retained earnings, June 30 $86,400 Correct! WILLAMETTE CONSULTING Balance Sheet June 30, 20xx Assets Cash $240,000 Land 48,000 Total assets $288,000 Liabilities & Stockholders' Equity Liabilities Accounts payable $87,600 Stockholders' equity Capital stock $114,000 Retained earnings 86,400 Total Stockholders' equity 200,400 Total Liabilities & Stockholders' equity $288,000 Note: Follow the Step-by-Step instructions in the...
View Full Document

Page1 / 6

STEPS - $84,900 Add: Net income for June 13,500 Total...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online