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Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable Inventory Prepaid Expenses Store Fixtures Accounts Payable Unearned Revenue. Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (d) (e) (a) $ 65,200 $(13,000) $(6,100) $8,880 5,320 (5,810) 9,780 55,420 13,000 24,800 18,700 14, 200 5,810 $1,300 1,300 (f) (g) (h) $(1,230) $(2,200) $3,790 1,230 1,650 550 2,460 1,330 Ending Balance

Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable Inventory Prepaid Expenses Store Fixtures Accounts Payable Unearned Revenue. Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (d) (e) (a) $ 65,200 $(13,000) $(6,100) $8,880 5,320 (5,810) 9,780 55,420 13,000 24,800 18,700 14, 200 5,810 $1,300 1,300 (f) (g) (h) $(1,230) $(2,200) $3,790 1,230 1,650 550 2,460 1,330 Ending Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute the ending balance in each account and prepare an unadjusted classified income statement for Kate's Kite Company on April 30. Sales revenue KATE'S KITE COMPANY Income Statement (unadjusted) For the Month Ended April 30 Total revenues Expenses: Cost of sales Wages expense Rent expense Utilities expense Total operating expenses Net income $ $ $ 15,530 15,530 5,810 1,230 550 1,300 8,890 6,640
Transcribed Image Text:Compute the ending balance in each account and prepare an unadjusted classified income statement for Kate's Kite Company on April 30. Sales revenue KATE'S KITE COMPANY Income Statement (unadjusted) For the Month Ended April 30 Total revenues Expenses: Cost of sales Wages expense Rent expense Utilities expense Total operating expenses Net income $ $ $ 15,530 15,530 5,810 1,230 550 1,300 8,890 6,640
Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable Inventory Prepaid Expenses Store Fixtures Accounts Payable Unearned Revenue Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (d) (e) (a) $ 65,200 $(13,000) $(6,100) $ 8,880 5,320 (5,810) 24,800 9,780 55,420 13,000 18,700 14,200 5,810 $1,300 1,300 (f) (g) (h) $(1,230) $ (2,200) $3,790 1,230 1,650 550 2,460 1,330 Ending Balance
Transcribed Image Text:Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable Inventory Prepaid Expenses Store Fixtures Accounts Payable Unearned Revenue Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (d) (e) (a) $ 65,200 $(13,000) $(6,100) $ 8,880 5,320 (5,810) 24,800 9,780 55,420 13,000 18,700 14,200 5,810 $1,300 1,300 (f) (g) (h) $(1,230) $ (2,200) $3,790 1,230 1,650 550 2,460 1,330 Ending Balance
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