On August 31, the balance sheet of Kingbird, Inc. showed Cash $10,000, Accounts Receivable $2,700,...
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On August 31, the balance sheet of Kingbird, Inc. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipme $6,000, Accounts Payable $4,600, Common Stock $13,950, and Retained Earnings $750. During September, the following transactions occurred. 1. Paid $3,300 cash for accounts payable due. 2. Collected $2,000 of accounts receivable. 3. Purchased additional equipment for $1,150, paying $750 in cash and the balance on account. 4. Recognized revenue of $8,100, of which $2,250 is collected in cash and the balance is due in October. 5. Declared and paid a $450 cash dividend. 6. Paid salaries $2,050, rent for September $1,050, and advertising expense $100. 7. Incurred utilities expense for month on account $250. 8. Received $14,000 from Capital Bank on a 6-month note payable. Prepare an income statement for September
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On August 31, the balance sheet of Kingbird, Inc. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipme $6,000, Accounts Payable $4,600, Common Stock $13,950, and Retained Earnings $750. During September, the following transactions occurred. 1. Paid $3,300 cash for accounts payable due. 2. Collected $2,000 of accounts receivable. 3. Purchased additional equipment for $1,150, paying $750 in cash and the balance on account. 4. Recognized revenue of $8,100, of which $2,250 is collected in cash and the balance is due in October. 5. Declared and paid a $450 cash dividend. 6. Paid salaries $2,050, rent for September $1,050, and advertising expense $100. 7. Incurred utilities expense for month on account $250. 8. Received $14,000 from Capital Bank on a 6-month note payable. Prepare an income statement for September 