Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable Income Summary Date Explanation Ref. July 31 Closing entry J1 July 31 Closing entry J1 July 31 Closing entry J1 Retained Earnings Date Explanation Ref. Aug. 1 Balance July 31 Closing entry J1 $26,520 62,400 208,000 July 31 Closing entry J1 322,400 15,600 31,200 3,120 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue All accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate. Debit Debit 525200 166400 Credit $5,200 Credit 104,000 366,080 145,600 691,600 10,400 12,480 691600 Balance 691600 Balance 0

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The
following information has been taken from the adjusted trial balance:
Accounts payable
Cash dividends-common
Common shares
Cost of goods sold
Dividends payable
Income tax expense
Income tax payable
Income Summary
Date Explanation Ref.
July 31 Closing entry J1
July 31 Closing entry J1
July 31 Closing entry J1
Retained Earnings
Date Explanation Ref.
Aug. 1
Balance
July 31 Closing entry J1
$26,520
July 31 Closing entry J1
62,400
208,000
322,400
15,600
Interest expense
Notes payable
Retained earnings (Aug. 1, 2023)
Salaries expense
31,200
Sales
Supplies expense
3,120 Unearned revenue
All accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate.
Debit
Debit
525200
166400
Credit
$5,200
Credit
104,000
366,080
145,600
691,600
10,400
12,480
691600
LI
Balance
691600
Balance
0
Transcribed Image Text:Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable Income Summary Date Explanation Ref. July 31 Closing entry J1 July 31 Closing entry J1 July 31 Closing entry J1 Retained Earnings Date Explanation Ref. Aug. 1 Balance July 31 Closing entry J1 $26,520 July 31 Closing entry J1 62,400 208,000 322,400 15,600 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense 31,200 Sales Supplies expense 3,120 Unearned revenue All accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate. Debit Debit 525200 166400 Credit $5,200 Credit 104,000 366,080 145,600 691,600 10,400 12,480 691600 LI Balance 691600 Balance 0
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