On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment 10 11 12 15 19 20 22 During November, the following summary transactions were completed. 25 27 28 29 29 Debit 29 $25,200 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue 29 6,272 2,408 70,000 Nov. 8 Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October. Received $5,320 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30. Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200. Received credit from Dimas Discount Supply for merchandise returned $850. Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,440 cash for services performed in November. Purchased equipment on account $14,000. Purchased supplies on account $4,760. Paid creditors $8,4 of Paid November rent $1,050. Paid salaries $3,640. $103,880 Salaries and Wages Payable Common Stock Retained Earnings Credit payable due. $2,800 9,520 11,200 4,760 56,000 19,600 $103,880 Performed services on account and billed customers $1,960 for those services. Received $1,890 from customers for services to be performed in the future.
On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment 10 11 12 15 19 20 22 During November, the following summary transactions were completed. 25 27 28 29 29 Debit 29 $25,200 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue 29 6,272 2,408 70,000 Nov. 8 Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October. Received $5,320 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30. Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200. Received credit from Dimas Discount Supply for merchandise returned $850. Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,440 cash for services performed in November. Purchased equipment on account $14,000. Purchased supplies on account $4,760. Paid creditors $8,4 of Paid November rent $1,050. Paid salaries $3,640. $103,880 Salaries and Wages Payable Common Stock Retained Earnings Credit payable due. $2,800 9,520 11,200 4,760 56,000 19,600 $103,880 Performed services on account and billed customers $1,960 for those services. Received $1,890 from customers for services to be performed in the future.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Aditstment data:
Supplies on hand are valued at $4.480.
Accrued salaries payable are $1.400.
Depreciation for the month is $700.
$1,820 of services related to the unearned service revenue has not been performed by month-end.
Transcribed Image Text:On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method.
Cash
Accounts Receivable
Supplies
Equipment
10
11
12
15
19
20
22
During November, the following summary transactions were completed.
25
27
28
29
29
Debit
29
$25,200 Accumulated Depreciation-Equipment
Accounts Payable
Unearned Service Revenue
29
6,272
2,408
70,000
Nov. 8 Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October.
Received $5,320 cash from customers in payment of account.
Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30.
Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200.
Received credit from Dimas Discount Supply for merchandise returned $850.
Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12.
Paid Dimas Discount Supply in full, less discount.
Received $6,440 cash for services performed in November.
Purchased equipment on account $14,000.
Purchased supplies on account $4,760.
Paid creditors $8,4 of
Paid November rent $1,050.
Paid salaries $3,640.
$103,880
Salaries and Wages Payable
Common Stock
Retained Earnings
Credit
payable due.
$2,800
9,520
11,200
4,760
56,000
19,600
$103,880
Performed services on account and billed customers $1,960 for those services.
Received $1,890 from customers for services to be performed in the future.
Transcribed Image Text:Prepare a multiple-step income statement for November.
Sales Revenue
Less
Net Sales
Cost of Goods Sold
Gross Profit
: Sales Discounts
:
Total Revenues
Operating Expenses
Salaries and Wages Expense
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Operating Expenses and Losses
Other Revenues and Gains
Retained Earnings, November 1
Retained Earnings, November 30
Revenues
Total Operating Expenses
Sales
Total Revenues
KINGBIRD
Income Statement
date. Auto-
$
15,400
308
10,220
1,050
2,688
700
$
$
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