Quick accounting question (really need help)?

Question

You run a movie theater and hire employees to run the concession stands.

What accounts must be added to the chart of accounts?

Answer 1

Your chart of accounts and accounts system must be able to :
√Record and track CONCESSION REVENUES.
√ Keep running INVENTORY of stock trucks and concessions.
√ Automatically calculate STOCK COST.
√ Project FOOD CONCESSION GROSSES according to stock used, thus providing a check for shortages.
√ Record and track PRIVILEGE and CHARGES.
√ Automatically calculate PAY for agents on percentage.
√ Provide a SPOT SUMMARY REPORT with year to date totals.
√ Provide CONCESSION BREAKDOWN and SUMMARY REPORTS, reporting revenue, stock cost, payroll, and expenses.
√ Provide STOCK USAGE REPORTS
√ Provide PAYROLL REPORTS
√ Provide INVENTORY REPORTS and WORK SHEETS

Answer 2

Sonce your question doesn't make it clear whether the concession stand-related accounts have already been created, I have separated the necessary accounts into two lists:

For the concession stand:

Concession revenue, Inventory (food and drinks, food and drink containers), Cost of goods sold, Accounts payable (assuming the food is sometimes purchased on credit), Sales tax (local and state) expense, Sales tax (local and state) payable

For the employees:

Wages expense; Wages payable; FUTA payable; SUTA payable; Social security tax payable; Federal income tax (FICA) payable; FUTA, SUTA, Social security, and Federal income tax (FICA) expense