Reference no: EM131807204

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 %