Question

These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $33,380 2,150 68,380 22,250 14,300 5,510 12,000 12,000 72,730 6,010 1,650 3,140 15,650 2,660 41,730 21,800

Answer 1

72,730 Kingbird, Inc. Income Statement For the year ended December 31, 2017 Revenues Service Revenue 72,730 Total revenues Expenses Utilities expense 2,150 Maintenance and repairs expense 1,650 Depreciation expene 3,140 Insurance expense 2,660 Salaries and wages expense 41,730 Total Expenses Net Income 51,330 21,400 Kingbird, Inc. Retained Earnings Statement For the year ended December 31, 2017 Retained earnings (beginning of year) Add: Net income Less: Dividends Retained earnings December 31, 2017 33,380 21,400 12,000 42,780

14300 6010 15650 35960 Kingbird, Inc. Balance Sheet For the year ended December 31, 2017 Assets Current Assets: Cash Prepaid insurance Accounts receivable Total current assets Property, plant and equipment: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholder's Equity Current liabilities Accounts Payable Salaries and wages payable Total current Liabilities Stockholders' equity Common stock Retained earnings December 31, 2014 Total Stockholder's Equity Toatl Liabilities and Stockholder's Equity 68380 2180046580 82540 22250 5510 27760 12000 42780 54780 82540