Presented below is the adjusted trial balance of Kingbird, Inc. at December 31, 2017. Debit CreditCash$ ? Supplies710 Accounts Receivable2,980 Prepaid Insurance2,880 Equipment80,080 Accumulated Depreciation—Equipment $ 20,600Trademarks3,480 Accounts Payable 3,360Salaries and Wages Payable 800Unearned Service Revenue 1,600Bonds Payable (due 2024) 31,900Common Stock 2,000Additional paid-in capital 15,680Retained Earnings 14,020Service Revenue 29,560Salaries and Wages Expense14,080 Insurance Expense2,880 Rent Expense2,600 Interest Expense2,760 Total$ ? $ ?Additional information:1. Net income for the year was $ 7,240.2. No dividends were declared during 2017.Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.) Kingbird, Inc.Balance SheetAssets$elFa..:%24%24>>>>> Liabilities and Stockholders' Equity$%24>>>>>>>>>

Balance Sheet includes: Assets accounts Liabilities accounts Stockholder's accounts Assets…

Answered: Presented below is the adjusted trial…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Presented below is the adjusted trial balance of Kingbird, Inc. at December 31, 2017.

	Debit	Credit
Cash	$ ?
Supplies	710
Accounts Receivable	2,980
Prepaid Insurance	2,880
Equipment	80,080
Accumulated Depreciation—Equipment		$ 20,600
Trademarks	3,480
Accounts Payable		3,360
Salaries and Wages Payable		800
Unearned Service Revenue		1,600
Bonds Payable (due 2024)		31,900
Common Stock		2,000
Additional paid-in capital		15,680
Retained Earnings		14,020
Service Revenue		29,560
Salaries and Wages Expense	14,080
Insurance Expense	2,880
Rent Expense	2,600
Interest Expense	2,760
Total	$ ?	$ ?