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Student Name: INSTRUCTOR Class: Irwin/McGraw Hill Step-by-Step Problem

Note:

Follow the Step-by-Step instructions in the Guide to Individual Problems to work this problem.

Press F5, enter a cell reference, and click on <OK> to go to one of the following data entry areas:
REPORT Income Statement Retained Earnings Balance Sheet REFERENCE PRINT AREA M1 M50 M85 M5:O24 M54:N66 M89:O109

REPORT Retained Earnings Balance Sheet

REFERENCE M50 M85

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

REPORT Income Statement Balance Sheet

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

REPORT Income Statement Retained Earnings

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

$114,000 86,400 200,400 $288,000