Permachart - Marketing Reference Guide: Statement Of Changes In Equity, Retained Earnings, Cash Cash
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Claire Corporation task and prepare the following:
An Income Statement
A Statement of Retained Earnings
A Balance Sheet
The Claire Corporation
Claire Corporation builds foundations for churches and grottos in Perugia, Italia. The following alphabetical list shows Claire’s account balances as of April 30, 2014:
Accounts Payable 3,900
Retained Earnings (4/1/14) 10000
Accounts receivable 10120
Revenue earned 17400
Cash 13760
Supplies 6500
Common Stock 30000
Supplies expenses 7200
Utilities expenses 420
Wages Expenses 8800
Dividends 7000
Equipment 27500
Notes Payable 20000
From the information provided above, prepare an Income Statement.
Claire Corporation |
Income Statement |
For the Month Ended April 30, 2014 |
|
From the information provided above, prepared a Statement of Retained Earnings for the Month Ended April 30, 2014.
Claire Corporation |
Statement of Retained Earnings |
For the Month Ended April 30, 2014 |
From the information provided above, prepare a Balance Sheet for April 30, 2014.
Claire Corporation | |||
Balance Sheet | |||
April 30, 2014 | |||
Assets | Liabilities | ||
$ | $ | ||
Total Liabilities | $ | ||
Shareholders’ Equity | |||
$ | |||
Total Shareholders’ Equity | $ | ||
Total Assets | $ | Total Liabilities and Shareholders’ Equity | $ |
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. |