The Cullumber Theater Inc. was recently formed. It began operations in March 2022. The Cullumber is unique in that itwill show only triple features of sequential theme movies. On March 1, the ledger of The Cullumber showed Cash$15,500; Land $35,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,000; Equipment$18,000; Accounts Payable $12,500; and Common Stock $79,000. During the month of March, the following eventsand transactions occurred:Mar. 2Rented the first three Star Wars movies (Star Wars, The Empire Strikes Back, and The Return of the Jedi) to beshown for the first three weeks of March. The film rental was $12,000: $1,700 was paid in cash and$10,300 will be paid on March 10.3Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $700 per night.Received $11.900 cash from admissions.910Paid balance due on Star Wars movies' rental and $2,800 on March 1 accounts payable11The Cullumber Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay TheCullumber 15% of gross receipts, payable monthly, for the rental of the concession stand.12Paid advertising expenses $700.20Received $9,900 cash from customers for admissions.20Received the Star Trek movies and paid rental fee of $6,00031Paid salaries of $3,500.31Received statement from R. Lazlo showing gross receipts from concessions of $11,000 and the balancedue to The Cullumber of $1.650 ($11,000x15) for March, Lazlo paid half the balance due for the rental ofthe concession stand and will remit the remainder on April 5.31Received $23,500 cash from customers for admissions CashLandBuildingsEquipmentAccounts PayableCommon Stock

Answered: Image /qna-images/answer/6afb38ae-c281-4aa5-a0df-42cf88db8df2.jpg

The Cullumber Theater Inc. was recently formed. It began operations in March 2022. The Cullumber is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Cullumber showed Cash $15,500; Land $35,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,000: Equipment $18,000; Accounts Payable $12,500; and Common Stock $79,000. During the month of March, the following events and transactions occurred: Mar. 2 Rented the first three Star Wars movies (Star Wars, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $12,000 $1,700 was paid in cash and $10,300 will be paid on March 10. Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $700 per night. 9 Received $11.900 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,800 on March 1 accounts payable 11 The Cullumber Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Cullumber 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $700. 20 Received $9,900 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $6,000 31 Paid salaries of $3,500. 31 Received statement from R. Lazlo showing gross receipts from concessions of $11,000 and the balance due to The Cullumber of $1.650 ($11,000.15) for March Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5 Received $23,500 cash from customers for admissions

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EB: Johnson, Incorporated had the following transactions during the year: Purchased a building for...