Adjustment 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.CashAccounts ReceivableSuppliesEquipment10111215192022During November, the following summary transactions were completed.2527282929Debit29$25,200 Accumulated Depreciation-EquipmentAccounts PayableUnearned Service Revenue296,2722,40870,000Nov. 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 ofPaid November rent $1,050.Paid salaries $3,640.$103,880Salaries and Wages PayableCommon StockRetained EarningsCreditpayable due.$2,8009,52011,2004,76056,00019,600$103,880Performed 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 retained earnings statement for November.KINGBIRDRetained Earnings StatementNovember 30, 2025Retained Earnings, November 1Add V: Net Income /(Loss)Retained Earnings, November 30$$LA19.6009,33528,935

Name: Adjustment data:Supplies on hand are valued at $4,480.Accrued salaries
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Description: Adjustment 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

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Prepare a retained earnings statement for November. KINGBIRD Retained Earnings Statement November 30, 2025 Retained Earnings, November 1 Add V: Net Income /(Loss) Retained Earnings, November 30 $ $ 19.600 9,335 28,935

Prepare a retained earnings statement for November. KINGBIRD Retained Earnings Statement November 30, 2025 Retained Earnings, November 1 Add V: Net Income /(Loss) Retained Earnings, November 30 $ $ 19.600 9,335 28,935

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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