Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. Thefollowing information has been taken from the adjusted trial balance:Accounts payableCash dividends-commonCommon sharesCost of goods soldDividends payableIncome tax expenseIncome tax payable(a)$26,52062,400208,000322,40015,600AddAll accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate.Less31,200 Supplies expense3,120Unearned revenuePrepare a statement of retained earnings. (List items that increase retained earnings first.)Retained Earnings, August 1, 2023Interest expenseNotes payableRetained earnings (Aug. 1, 2023)Salaries expenseSalesKINGBIRD INC.Statement of Retained EarningsYear Ended July 31, 2024Profit/(Loss) for the YearCash DividendsRetained Earnings, July 31, 2024$5,200104,000366,080145,600691,60010,40012,480<SA366,08062,400

Retained earnings are the unallocated profits available for distribution to the shareholders. It is…

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 $26,520 62,400 208,000 322,400 15,600 31,200 3,120 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue $5,200 104,000 366,080 145,600 691,600 10,400 12,480 All accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate.

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 $26,520 62,400 208,000 322,400 15,600 31,200 3,120 Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue $5,200 104,000 366,080 145,600 691,600 10,400 12,480 All accounts have normal balances and total assets equal $850,200. Kingbird has a 20% income tax rate.

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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