Question

The adjusted trial balance for Kingbird, Inc. is given below. Kingbird, Inc. Trial Balance August 31, 2020 Before Adjustment After Adjustment Cr. Dr. Cr. Cash $10,400 $10,400 Accounts Receivable 8,500 9,700 Supplies 2.300 600 Prepaid Insurance 4.000 2,500 Equipment 14,300 14,300 Accumulated Depreciation-Equipment $3,500 $4,500 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,400 Unearned Rent Revenue 1.600 700 008 Common Stock 11.700 11,700 Retained Earnings 3,600 3.600

Answer 1

Kingbird Inc.
Balance Sheet
31-Aug-20
Assets
Current assets
Cash	$10,400.00
Accounts receivable	$9,700.00
Supplies	$600.00
Prepaid Insurance	$2,500.00
Total current assets		$23,200.00
Property Plant & Equipment
Equipment	$14,300.00
Accumulated Dep- Equipment	-$4,500.00	$9,800.00
Total assets		$33,000.00
Liabilities
Current liabilities
Account Payable	$5,800.00
Salaries & Wages Payable	$1,400.00
Unearned Rent Revenue	$700.00
Total current liabilities		$7,900.00
Total liabilities		$7,900.00
stockholders' Equity
Common stock	$11,700.00
Retained earnings	$13,400.00
Total stockholders' equity		$25,100.00
tal liabilities and stockholders' equity		$33,000.00
Computation of Net Income
Service Revenue		$35,400.00
Rent Revenue		$11,800.00
Less: Expense
Salaries & Wages Expense	$18,200.00
Supplies Expense	$1,700.00
Rent Expense	$15,000.00
Insurance Expense	$1,500.00
Depreciatoin Expense	$1,000.00	$37,400.00
Net Income		$9,800.00
Retained Earning Statement
Beg balance	$3,600.00
Net Income	$9,800.00
Ending Bal Retained Earning		$13,400.00