Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 1, Problem 1.5P

Income Statement, Statement of Retained Earnings, and Balance Sheet

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, 2016 (with the exception of retained earnings, which is the balance on September 1, 2016), and the amounts shown for income statement items are balances for the month ended September 30, 2016.

Chapter 1, Problem 1.5P, Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in

Required

  1. Prepare an income statement for the month ended September 30, 2016.
  2. Prepare a statement of retained earnings for the month ended September 30, 2016.
  3. Prepare a balance sheet at September 30, 2016.
  4. You have $1,000 to invest. On the basis of the statements you prepared, would you use it to buy stock in Maple Park? Explain. What other information would you want before making a final decision?

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Financial Accounting: The Impact on Decision Makers

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