The Importance of Being Earnest Consider This, Inc., is a small community theate
ID: 2594876 • Letter: T
Question
The Importance of Being Earnest
Consider This, Inc., is a small community theater group that is putting together an income statement for the entire run of “The Importance of Being Earnest” that just ended on 10/28/17. The following data has been compiled:
Total ticket sales: 200 tickets sold at $12 each.
Cost of license to perform play: $500
Concession stand sales: $200
Cost of Concession stand food: $30
Cost of printing tickets and programs: $300
Cost of rental on the theater building: $450
Cost of renting costumes: $200
Requirements:
Prepare a single-step income statement for the run of this show using the information above.
Explanation / Answer
INCOME STATEMENT
For the year ended 10/28/17
Revenue from total ticket sales (200 * 12) $2,400 Less: Total costs (500 + 200 + 30 + 300 + 450 + 200) $(1,680) Net income $720Related Questions
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