Posted: April 19th, 2016

Prepare a statement of retained earnings for the month ended September 30, 2019?

Extracted Content from Question Files:

Book1.xlsx

Problem 1-2: Users of Accounting Information and Their Needs

Havre Company would like to buy a building and equipment to produce a new product line.
Information about Havre is more useful to some people involved in the project than to others.

Complete the following chart by identifying the information listed with the user’s need to know the
information. Identify the information as one of the following: a. Need to know, b. Helpful to

1. Amount of current debt, repayment schedule, and interest rate
2. Fair market value of the building
3. Condition of the roof and heating and cooling, electrical, and plumbing systems
4. Total cost of the building, improvements, and equipment to set up production
5. Expected sales from the new product, variable production costs, and related selling costs

Users of Information
Management Stockholders Banker
1. T T T
2. T T T
3. T T T
4. T T T
5. T T T
Problem 1-5: Income Statement, Statement of Retained Earnings, and Balance Sheet
General Instructions
1. The following worksheet may be used to complete the exercise/problem.
You may need to refer to your textbook for additional information.
2. The blue cells are for data entry. Enter text in the T cells, figures in the F cells, calculations in C cells

P1-5

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, 2012 (with the exception of retained earnings, which is the balance on
September 1, 2012); and the amounts shown for income statement items are balances for the month

ended September 30, 2012.

Accounts payable
Accounts receivable
Advertising expense
Buildings
Capital stock
Cash
Concessions revenue
Cost of concessions sold
Dividends paid during the month
Furniture and fixtures
Land
Notes payable
Projection equipment
Rent expense—movies
Retained earnings
Salaries and wages expense
Ticket sales
Water, gas, and electricity

Required

1. Prepare an income statement for the month ended September 30, 2012.

MAPLE PARK THEATRES CORP.
INCOME STATEMENT
FOR THE MONTH ENDED SEPTEMBER 30, 2012

Revenues:
T
T
Total revenues

Expenses:
T
T
T
T
T
Total expenses
Net income

2. Prepare a statement of retained earnings for the month ended September 30, 2012.

MAPLE PARK THEATRES CORP.
STATEMENT OF RETAINED EARNINGS
FOR THE MONTH ENDED SEPTEMBER 30, 2012

Beginning balance, September 1, 2012

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