Question

South Trails Cinema, Incorporated, operates movies and food concession counters throughout the United States. Its income statement for the quarter ended June 30, 2019, reported the following (accounts are listed alphabetically in thousands):

Particulars	Amount$
Admissions Revenue	4,88,600
Concessions Expenses	39,600
Concessions Revenue	3,11,000
Film Rental Expenses	2,55,700
Income Tax Expense	41,500
Offfice Expense	2,55,300
Rent Expense	85,700
Salaries & wages Expense	73,900
Net income (loss)	?

Required :

1.Solve for the missing amount by preparing an income statement for the quarter ended June 30,2019 (Enter your answers in thousands)

Answer 1

 

South Trail Cinema 

Income statement

For the period ending june 30,2019

Particulars	Amount$	Amount$
Revenues:
Admission Revenue	4,88,600
Concessions Revenue	3,11,000
Total Revenue		7,99,600
Less : Expenses
Concessions Expenses	39,600
Film Rental Expenses	2,55,700
Income tax Expense	41,500
Office Expenses	2,55,300
Rent Expenses	85,700
Salaries & Wages Expenses	73,900
Total Expenses		7,51,700
Net Income		47,900

 

 

 

Formula for calculating income statement

Net income  = Revenues - Expenses

 

 

 

Net income for the period Quarter June 30,2019 is net income $47,900