ACC 201 Great Basin College Sunlight Theater Financial Statement Excel Worksheet

Question Description

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

Sunlight Theater prepares monthly financial statements. Analysis of the transactions of the company for October 2020 disclosed the following totals for the month:

Ticket revenue	$160,000
Equipment rent expense	$40,000
Film rent expense	$42,500
Concession revenue	$28,900
Advertising expense	$17,700
Salaries expense	$56,000
Utilities expense	$14,000
Cash dividends declared and paid	$11,000

Balance sheet amounts at October 31, 2020 include the following:

Cash	$132,966
Land	$146,000
Accounts payable	$77,666
Capital stock	$112,000
Retained earnings as of October 1, 2020	$81,600

Note that the above balance for retained earnings is the October 1, 2020 balance rather than October 31, 2020 balance.

Required:

A. Prepare an income statement for the month of October 2020.

B. Prepare a statement of retained earnings for the month of October 2020.

C. Prepare a balance sheet as of October 31, 2020.

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