Question 5 of 8 View Policies Show Attempt History Current Attempt in Progress Accounts payable Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable (a1) Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Your answer is partially correct. Supplies Expense Total Operating Expenses Gross Profit Other Expenses $32,130 Interest Expense 75,600 Profit before Income Tax 252,000 Prepare a multiple-step income statement. Income Tax Expense 390,600 18,900 37,800 3,780 All accounts have normal balances and total assets equal $1,030,050. Kingbird has a 20% income tax rate. Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue KINGBIRD INC. Income Statement Year Ended July 31, 2024 $6,300 $ 126,000 443,520 176,400 837,900 12,600 15,120 176400 i 12600 i 10.08/14 VA 837900 390600 i 447300 189000 258300 6300 i 252000 37800

following information has been taken trom the adjusted trial balanca: (a1) Operating Expenses Salaries Expense $ 176400 i Supplies Expense 12600 i Total Operating Expenses Gross Profit 12600 i Other Expenses Interest Expense \begin{tabular}{|r|r|} \hline 6300 & i \\ \hline 252000 \\ \hline \end{tabular} Profit before Income Tax 37800 Retained Eamings, August 1,2023 Dividends Aetoined Earnings, Juiy 31, 2034 cress Profis \begin{tabular}{|c|c|} \hline & 37800 \\ \hline$ & 214200 \\ \hline \end{tabular} investsents Oporating Expensen Other Expenses Protit before income tax Profit trom Operations Profivi(Loss) for the yew Totyl Operating Expentes Savetorcater Attempts: 1 of 2 used Submit Answer Question Part Score 10.08/12