The Importance of Being Earnest Consider This, Inc., is a small community theate

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

Single step income statement Revenue:- Total ticket sales (200 tickets @ $12 each) $2,400 Concession stand sales 200 Total revenues $2,600 Expense:- Cost of license to perform play $500 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 Total expenses $1,480 Net income (Total revenues - Total expenses) $1,120

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