Regal Entertainment Group operates movie theaters and food concession counters throughout the United States (A+)

Regal Entertainment Group operates movie theaters and food concession counters throughout the United States. Its income statement for the quarter ended June 26, 2008, reported the following amounts (in thousands):

Admissions Revenues $455,700

Concessions Expenses 25,500

Concessions Revenues 188,900

Film Rental Expenses 247,000

General and Administrative Expenses 65,700

Net Income ?

Other Expenses 233,800

Other Revenues 31,200

Rent Expense 90,000

Total Expenses ?

Required:

1 Prepare an income statement for the quarter ended June 26, 2008, in order to solve for the missing amounts.

2 Compute the two missing amounts in each of the following independent cases. Assume that it is the end of 2008, the first full year of operations for the company.

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ACCT 2020 Penington Corporation was formed on January 1, 2012 (A+)

ACCT2020 Penington Corporation was formed on January 1, 2012. At December 31, 2012, Trent Radinsky, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.

PENINGTON CORPORATION

Balance Sheet

December 31, 2012

Assets Liabilities and Stockholders\’ Equity

Cash $20,000 Accounts Payable $30,000

Accounts Receivable 50,000 Notes Payable 15,000

Inventory 33,000 Boat Loan 18,000

Boat 24,000 Stockholders\’ Equity 64,000

Trent willingly admits that he is not an accountant by training. He is concerned that his balance sheet might not be correct. He has provided you with the following additional information.

1. The boat actually belongs to Radinsky, not to Penington Corporation. However, because he thinks he might take customers out on the boat occasionally, he decided to list it as an asset of the company. To be consistent he also listed as a liability of the corporation his personal loan that he took out at the bank to buy the boat.

2. The inventory was originally purchased for $21,000, but due to a surge in demand Trent now thinks he could sell it for $33,000. He thought it would be best to record it at $33,000.

3. Included in the accounts receivable balance is $12,000 that Trent loaned to his brother 5 years ago. Trent included this in the receivables of Penington Corporation so he wouldn\’t forget that his brother owes him money.

Required:

Provide a corrected balance sheet for Penington Corporation.

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ACCT 2020 The Long Run Golf & Country Club details the following accounts in its financial statements (A+)

ACCT2020 The Long Run Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the accounts below as an asset, liability, stockholders\’ equity, revenue, or expense item.

(b) Classify each of the accounts below as a financing activity, investing activity, or operating activity.

Accounts payable and accrued liabilities

Accounts receivable

Property, plant, and equipment

Food and beverage operations revenue

Golf course operations revenue

Inventory

Long-term debt

Office and general expense

Professional fees expense

Wages and benefits expense

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ACCT 2020 Indicate which statement you would examine to find each of the following items (A+)

ACCT2020 Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

(a) Revenue during the period.

(b) Supplies on hand at the end of the year.

(c) Cash received from issuing new bonds during the period.

(d) Total debts outstanding at the end of the period.

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ACCT 2020 In alphabetical order below are balance sheet items for Mantle Company at December 31, 2012 (A+)

ACCT2020 In alphabetical order below are balance sheet items for Mantle Company at December 31, 2012.

Accounts payable $75,000

Accounts receivable 81,000

Cash 22,000

Common stock 28,000

Required:

Prepare a balance sheet following the format of MANTLE COMPANY

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ACCT 2020 Presented below are a number of transactions (A+)

ACCT2020 Presented below are a number of transactions. Determine whether each transaction affects:

Common stock

Dividends

Revenue

Expense

Does not affect stockholders\’ equity

Provide titles for the revenues and expenses. (The first one is completed for you as an example.)

Affects Transaction Account Title

Expense (a) Costs incurred for advertising. Advertising Expense

(b) Assets received for services performed.

(c) Costs incurred for insurance.

(d) Amounts paid to employees.

(e) Cash distributed to stockholders.

(f) Assets received in exchange for the use of the company\’s building.

(g) Costs incurred for utilities used.

(h) Cash purchase of equipment.

(i) Issued common stock for cash.

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ACCT 2020 Indicate in which part of the statement of cash flows each item would appear (A+)

ACCT2020 Indicate in which part of the statement of cash flows each item would appear:

Operating activities

Investing activities

Financing activities

(a) Cash received from customers.

(b) Cash paid to stockholders (dividends).

(c) Cash received from issuing new common stock.

(d) Cash paid to suppliers.

(e) Cash paid to purchase a new office building.

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ACCT 2020 Match each of the following types of evaluation with one of the listed users of accounting information (A+)

ACCT2020 Match each of the following types of evaluation with one of the listed users of accounting information.

Internal Revenue Service.

Chief Financial Officer.

Creditors.

Marketing managers.

Investors in common stock.

1. Trying to determine whether the company should employ debt or equity financing.

2. Trying to determine whether the company\’s net income will result in a stock price increase.

3. Trying to determine whether the company complied with tax laws.

4. Trying to determine whether a marketing proposal will be cost effective.

5. Trying to determine whether the company can pay its obligations.

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3. The following information is available for Wonderway, Inc., for 2010 (A+)

The following information is available for Wonderway, Inc., for 2010.

Factory rent $29,200

Company advertising 19,400

Wages paid to laborers 84,500

Depreciation for president\’s vehicle 8,090

Indirect production labor 1,990

Utilities for factory 31,000

Production supervisor salary 31,700

President\’s salary 60,700

Direct materials used 34,800

Sales commissions 7,580

Factory insurance 13,500

Depreciation on factory equipment 26,300

Required:

1 Calculate the direct labor cost for Wonderway.

2 Calculate the manufacturing overhead cost for Wonderway.

3 Calculate the prime cost for Wonderway.

4 Calculate the conversion cost for Wonderway.

5 Calculate the total manufacturing costs for Wonderway

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ACCT 2020 This is the trial balance of Mimosa Company on September 30 (A+)

ACCT2020 This is the trial balance of Mimosa Company on September 30.

MIMOSA COMPANY

Trial Balance

September 30, 2012

Debit Credit

Cash $11,879

Accounts Receivable 6,179

Supplies 2,573

Equipment 8,000

Accounts Payable $8,679

Unearned Revenue 1,373

Common Stock 18,579

$28,631 $28,631

The October transactions were as follows.

Oct. 5 Received $1,404 in cash from customers for accounts receivable due.

10 Billed customers for services performed $5,312.

15 Paid employee salaries $1,439.

17 Performed $668 of services for customers who paid in advance in August.

20 Paid $1,512 to creditors for accounts payable due.

29 Paid a $408 cash dividend.

31 Paid utilities $513.

Required:

1 Journalize the transactions.

2 Post to ledger accounts and then complete the following trial balance.

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