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 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. $103,880 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit Paid creditors $8,400 of accounts payable due. Paid November rent $1,050. Paid salaries $3,640. $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 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. $103,880 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit Paid creditors $8,400 of accounts payable due. Paid November rent $1,050. Paid salaries $3,640. $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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Adjustment data:
Supplies on hand are valued at $4,480.
Accrued salaries payable are $1,400.
$1,820 of services related to the unearned service revenue has not been performed by month-end.
Transcribed Image Text:Prepare
a retained earnings statement for November.
KINGBIRD
Retained Earnings Statement
LA
$
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.
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