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prepare the adjusted trial balance please Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31,2021, and
prepare the adjusted trial balance please
Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31,2021, and will be depreciated on a straight-line basis over 5 years with a $2,430 salvage value. 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Kingbird's balance sheet at December 31,2021 , is presented below. During 2022, the following transactions occurred. Kingbird uses a perpetual inventory system. 1. Kingbird paid $2,000 interest on the bonds on January 1,2022. 2 Kingbird purchased $192,880 of inventory on account. 3. Kingbird sold for $384,000 cash inventory which cost $211,200, Kingbird also collected $23,040 sales taxes. 4. Kingbird paid $184,000 on accounts payable. 5. Kingbird paid $2.000 interest on the bonds on July 1.2022 6. The prepaid insurance ($4,480) expired on July 31. 7. On August 1, Kingbird paid \$8,160 for insurance coverage from August 1, 2022, through July 31, 2023. 8. Kingbird paid $13,600 sales taxes to the state. 9. Paid other operating expenses, $72,800. 10. Redeemed the bonds on December 31,2022 , by paying $38,400 plus $2,000 interest. 11. Issued $72,000 of 8% bonds on December 31,2022 at 103 . The bonds pay interest every June 30 and December 31 . Prepare an adjusted trial balance at December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275. Do not list those accounts that have zero ending balance) Step by Step Solution
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