Front Row Entertainment Inc. Balance Sheets December 31, 2020 and 2019 Front Row Entertainment Inc. Income...

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Front Row Entertainment Inc. Balance Sheets December 31, 2020 and 2019 Front Row Entertainment Inc. Income Statement For the year ended December 31, 2020 2020 2019 Revenues: ASSETS Current assets: Sales revenue Service revenue Total revenues Expenses: $3,142,800 636,000 $3,778,800 Cash $ 30,322 $ 9,005 Artist fee expense $2,134,260 Accounts receivable, net 98,250 17,000 Rent expense 952,663 Supplies Inventory Prepaid expenses Total current assets Property, plant, and equipment: 133,400 57,200 Cost of goods sold 74,800 2,200 3,700 Salaries and wages expense 345,100 61,380 2,850 Depreciation expense 51,675 $ 325,552 $89,755 Interest expense 98,087 Income taxes expense 22,000 Building Equipment 1,857,250 27,350 0 Other expenses 26,550 7,000 Total expenses $3,705,135 Accumulated depreciation (53,835) (2,160) Net income $ 73,665 Trademark 25,000 Total assets $2,181,317 $94,595 LIABILITIES AND EQUITY Additional Information: 1. Bonds payable of $1,500,000 were issued for $1,378,300 on July 1, 2020. During 2020, $12,170 of the discount on the bonds payable was amortized. 3,690 2. In January 2020, a $380,000 long-term note payable was issued in exchange for a building. No buildings were sold during the year. 0 0 3. On February 29, an $8,000 short-term note payable was issued in exchange for equipment. No equip- ment was sold during the year. 4. Cash dividends of $25,000 were declared and paid during 2020. 5. Common stock was issued for $40,000 cash during 2020. $25,000 6. $ 0 16,000 0 Preferred stock was issued for $225,000 cash during 2020. 7. Treasury stock was purchased for $11,200 during 2020. Front Row reissued $4,800 of treasury stock in December 2020 for $6,600. Current liabilities: Accounts payable Salaries payable Interest payable Uneamed sales revenue Income taxes payable $ 2,450 $12,240 2,500 40,917 2,250 1,780 28,650 550 2,180 Notes payable (short-term) Total current liabilities Long-term liabilities: Notes payable 8,000 $ 56,197 $49,010 $ 405,000 $25,000 Bonds payable, net 1,500,000 Less: Discount on bond payable Total long-term liabilities (109,530) $1,795,470 Equity: Preferred stock $ 150,000 Common stock 18,000 Paid-in capital in excess of par: Preferred stock Common stock Treasury stock Retained earnings Less: Treasury stock Total equity Total liabilities and equity 75,000 38,000 1,800 0 53,250 4,585 (6,400) 0 $ 329,650 $20,585 $2,181,317 $94,595 Front Row Entertainment Inc. Balance Sheets December 31, 2020 and 2019 Front Row Entertainment Inc. Income Statement For the year ended December 31, 2020 2020 2019 Revenues: ASSETS Current assets: Sales revenue Service revenue Total revenues Expenses: $3,142,800 636,000 $3,778,800 Cash $ 30,322 $ 9,005 Artist fee expense $2,134,260 Accounts receivable, net 98,250 17,000 Rent expense 952,663 Supplies Inventory Prepaid expenses Total current assets Property, plant, and equipment: 133,400 57,200 Cost of goods sold 74,800 2,200 3,700 Salaries and wages expense 345,100 61,380 2,850 Depreciation expense 51,675 $ 325,552 $89,755 Interest expense 98,087 Income taxes expense 22,000 Building Equipment 1,857,250 27,350 0 Other expenses 26,550 7,000 Total expenses $3,705,135 Accumulated depreciation (53,835) (2,160) Net income $ 73,665 Trademark 25,000 Total assets $2,181,317 $94,595 LIABILITIES AND EQUITY Additional Information: 1. Bonds payable of $1,500,000 were issued for $1,378,300 on July 1, 2020. During 2020, $12,170 of the discount on the bonds payable was amortized. 3,690 2. In January 2020, a $380,000 long-term note payable was issued in exchange for a building. No buildings were sold during the year. 0 0 3. On February 29, an $8,000 short-term note payable was issued in exchange for equipment. No equip- ment was sold during the year. 4. Cash dividends of $25,000 were declared and paid during 2020. 5. Common stock was issued for $40,000 cash during 2020. $25,000 6. $ 0 16,000 0 Preferred stock was issued for $225,000 cash during 2020. 7. Treasury stock was purchased for $11,200 during 2020. Front Row reissued $4,800 of treasury stock in December 2020 for $6,600. Current liabilities: Accounts payable Salaries payable Interest payable Uneamed sales revenue Income taxes payable $ 2,450 $12,240 2,500 40,917 2,250 1,780 28,650 550 2,180 Notes payable (short-term) Total current liabilities Long-term liabilities: Notes payable 8,000 $ 56,197 $49,010 $ 405,000 $25,000 Bonds payable, net 1,500,000 Less: Discount on bond payable Total long-term liabilities (109,530) $1,795,470 Equity: Preferred stock $ 150,000 Common stock 18,000 Paid-in capital in excess of par: Preferred stock Common stock Treasury stock Retained earnings Less: Treasury stock Total equity Total liabilities and equity 75,000 38,000 1,800 0 53,250 4,585 (6,400) 0 $ 329,650 $20,585 $2,181,317 $94,595