PLEASE DO NOT PARTIALLY COMPLETE. THIS IS PRACTICE, AND I AM STUCK!
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Kingbird, Inc. Trial Balance November 30, 2020 Credit Debit $ 8,900 28,500 45,300 6,000 130,000 $ 25,000 50,000 50,600 45,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense Totals 11,000 755,600 8,900 497,500 139,800 24,200 14,000 12,000 16,400 23,700 $966,200 $966,200 Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $11,500 on the equipment. 3. Interest of $6,000 is accrued on notes payable at November 30. 4. Inventory actually on hand is $44,700. For the Year Ended November 30, 2020 Account Titles Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash $8,900 8900 8900 Accounts Receivable 28,500 28500 28500 Inventory 45,300 600 44700 44700 Supplies 6,000 3400 2600 2600 Equipment 130,000 130000 130000 M Accum. Depreciation Equipment $25,000 11500 36500 36500 Notes Payable 50,000 50000 50000 Accounts Payable 50,600 50600 50600 M Common Stock 45,000 45000 45000 Retained Earnings 40,000 40000 40000 Dividends 11,000 11000 11000 M Sales Revenue 755,600 755600 755600 Sales Returns and Allowances 8,900 8900 8900 Cost of Goods Sold 497,500 600 498100 498100 Salaries and Wages Expense 139,800 139800 139800 Advertising Expense 24,200 24200 24200 ! Utilities Expense 14,000 14000 14000 Maintenance and Repairs Expense 12,000 12000 12000 M M Freight-Out 16,400 16400 16400 Freight-Out 16,400 16400 16400 Rent Expense 23,700 23700 23700 Totals $966,200 $966,200 Supplies Expense 3400 3400 3400 Depreciation Expense 11500 11500 11500 CUITE GRU00 THE Good Interest Expense 6000 6000 6000 Interest Payable 6000 6000 6000 Totals 21500 21500 983700 983700 758000 755600 225700 228100 Net Loss 24001 2400 Totals 758000 758000 223300 228100 Kingbird, Inc. Income Statement For the Year Ended November 30, 2020 Retained Earnings, November 30, 2019 Sales Revenue 755600 Less Sales Returns and Allowances 8900 Net Sales 746700 Cost of Goods Sold 498100 Gross Profit 248600 Operating Expenses
