Exercise
These financial statement items are for Kingbird, Inc. at year-end, July 31, 2017.
Salaries and wages payable $ 3,780
Salaries and wages expense 59,200
Supplies expense 16,900
Equipment 20,200
Accounts payable 4,100
Service revenue 67,800
Rent revenue 9,800
Notes payable (due in 2020) 3,000
Common stock 16,000
Cash 30,900
Accounts receivable 10,980
Accumulated depreciation-equipment 7,400
Dividends 4,000
Depreciation expense 5,400
Retained earnings (beginning of the year) 35,700
Prepare an income statement for the year. Kingbird, Inc. did not issue any new stock during the year. Kingbird, Inc.
Income Statement $ $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Prepare a retained earnings statement for the year. Kingbird, Inc. did not issue any new stock during the year.
Kingbird, Inc. Retained Earnings Statement $ : $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Kingbird, Inc.
Balance Sheet Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio :1 Debt to assets ratio %