Student Name: INSTRUCTOR

Class: Irwin/McGraw Hill

Step-by-Step Problem
Note: Follow the Step-by-Step instructions in the Guide to Individual Problems
to work this problem.
Press F5, enter a cell reference, and click on <OK> to go to one of the following data entry areas:
REPORT REFERENCEPRINT AREA
Income Statement M1 M5:O24
Retained Earnings M50 M54:N66
Balance Sheet M85 M89:O109
REPORT REFERENCE
Retained Earnings M50
Balance Sheet M85
INSTRUCTOR
Irwin/McGraw Hill
Step-by-Step Problem
WILLAMETTE CONSULTING
Income Statement
For the Month Ended June 30, 1997
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
REPORT REFERENCE
Income Statement M1
Balance Sheet M85
INSTRUCTOR
Irwin/McGraw Hill
Step-by-Step Problem
WILLAMETTE CONSULTING
Statement of Retained Earnings
For the Month Ended June 30, 1997
Retained earnings, June 1 $84,900
Add: Net income for June 13,500
Total $98,400
Less: Dividends 12,000
Retained earnings, June 30 $86,400
REPORT REFERENCE
Income Statement M1
Retained Earnings M50
INSTRUCTOR
Irwin/McGraw Hill
Step-by-Step Problem
WILLAMETTE CONSULTING
Balance Sheet
June 30, 1997
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