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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.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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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.

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: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.
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 $ $ Attempts: 0 of 2 used Submit Answer
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 $ $ Attempts: 0 of 2 used Submit Answer
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