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REPORT Income Statement Retained Earnings Balance Sheet REFERENCE PRINT AREA M1 M50 M85 M5:O24 M54:N66 M89:O109
INSTRUCTOR Irwin/McGraw Hill Step-by-Step Problem WILLAMETTE CONSULTING Income Statement For the Month Ended June 30, 1997 Revenues: Ticket revenue Concession revenue Total revenue Expenses: Equipment rent expense Film rent expense Advertising expense Salaries expense Utilities expense Total expense Net Income:
$160,000 29,600 189,600 $50,000 53,400 18,600 40,000 14,100 176,100 $13,500
REFERENCE M1 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 Add: Net income for June Total Less: Dividends Retained earnings, June 30 $84,900 13,500 $98,400 12,000 $86,400
REFERENCE M1 M50
INSTRUCTOR Irwin/McGraw Hill Step-by-Step Problem WILLAMETTE CONSULTING Balance Sheet June 30, 1997 Assets Cash Land Total assets Liabilities & Stockholders' Equity Liabilities Accounts payable $240,000 48,000 $288,000
$87,600
Stockholders' equity Capital Stock Retained earnings Total Stockholders' equity Total Liabilities & Stockholders' equity