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 payable$32.130Cash dividends-common 75,600Common shares252,000Cost of goods sold390,600Dividends payable18,900Income tax expense37,800Income tax payable3,780Interest expenseNotes payableRetained earnings (Aug. 1, 2023)Salaries expenseSalesSupplies expenseUnearned revenue(a1)All accounts have normal balances and total assets equal $1,030.050. Kingbird has a 20% income tax rate.Prepare a multiple-step income statement.$6,300126,000443,520176,400837,90012,60015,120KINGBIRD INC.Income Statement

Income Statement is a financial statement that includes revenue earned and expenses incurred during…

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 $32.130 75,600 252,000 390,600 18,900 37,800 3,780 (a1) Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue Prepare a multiple-step income statement. $6.300 126,000 All accounts have normal balances and total assets equal $1.030.050. Kingbird has a 20% income tax rate. KINGBIRD INC. Income Statement 443,520 176,400 837,900 12.600 15,120

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 $32.130 75,600 252,000 390,600 18,900 37,800 3,780 (a1) Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue Prepare a multiple-step income statement. $6.300 126,000 All accounts have normal balances and total assets equal $1.030.050. Kingbird has a 20% income tax rate. KINGBIRD INC. Income Statement 443,520 176,400 837,900 12.600 15,120

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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Question

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
$32.130
Cash dividends-common 75,600
Common shares
252,000
Cost of goods sold
390,600
Dividends payable
18,900
Income tax expense
37,800
Income tax payable
3,780
Interest expense
Notes payable
Retained earnings (Aug. 1, 2023)
Salaries expense
Sales
Supplies expense
Unearned revenue
(a1)
All accounts have normal balances and total assets equal $1,030.050. Kingbird has a 20% income tax rate.
Prepare a multiple-step income statement.
$6,300
126,000
443,520
176,400
837,900
12,600
15,120
KINGBIRD INC.
Income Statement

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