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Old Wednesday, October 22, 2014
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Default Q2 css 2011 a&a paper 1

Income statement:
Revenues:
Admissions revenue 72400
concessions revenue 6200
total revenue 78600


expenses:
Depreciation: Building 875
project equipment 1500
salaries expense 25000
light and power 7750
rent 42275
interest 1800
total expenses 79200

net profit 78600-79200= (600)


balance sheet:
Non current assets (net)
land 75000
building 203000
project equipment 81000
total nca 359000

current assets:
Cash 17500
prepaid film rental 22725
concessions revenue 6200
total current assets 46425

current liabilities:
Notes payable 200000
accounts payable 8500
unearned revenue 1550
interest accrued 1800
salaries accrued 3750
total liabilities 215600

net assets= nca+ca-cl= 189825

represented by:
Capital 2000925
-drawings (10500)
+net profit (600)
net assets =189825
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