These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning of...

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Accounting

These items are taken from the financial statements of Kingbird,Inc. for 2017.
Retained earnings (beginning of year) $ 33,380
Utilities expense 2,150
Equipment 68,380
Accounts payable 22,250
Cash 14,300
Salaries and wages payable 5,510
Common stock 12,000
Dividends 12,000
Service revenue 72,730
Prepaid insurance 6,010
Maintenance and repairs expense 1,650
Depreciation expense 3,140
Accounts receivable 15,650
Insurance expense 2,660
Salaries and wages expense 41,730
Accumulated depreciation—equipment 21,800
Prepare an income statement for the year ended December 31,2017.
Kingbird, Inc.
Income Statement
choose the accounting period  For the Month EndedDecember 31, 2017For the Year Ended December 31, 2017December 31,2017
select an opening name for sectionone  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
enter an income statement item
$ enter a dollar amount
select an opening name for sectiontwo  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
enter an income statement item
$ enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for sectiontwo  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
enter a total of the five previous amounts
select a closing name for thisstatement  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
$ enter a total net income or loss amount
eTextbook and Media
List of Accounts
Prepare a retained earnings statement for the year endedDecember 31, 2017. (List items that increase retainedearnings first.)
Kingbird, Inc.
Retained Earnings Statement
choose the accounting period  For the Month EndedDecember 31, 2017December 31, 2017For the Year Ended December 31,2017
select an opening name  DividendsExpensesNet Income /(Loss)Retained Earnings, January 1, 2017Retained Earnings, December31, 2017RevenuesTotal ExpensesTotal Revenues
$ enter a dollar amount
select between addition and deduction  AddLess: selectan item  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1, 2017Retained Earnings, December 31,2017RevenuesTotal ExpensesTotal Revenues
enter a dollar amount
enter a subtotal of the two previous amounts
select between addition and deduction  AddLess: selectan item  DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1, 2017Retained Earnings, December 31,2017RevenuesTotal ExpensesTotal Revenues
enter a dollar amount
select a closing name  DividendsExpensesNet Income /(Loss)Retained Earnings, January 1, 2017Retained Earnings, December31, 2017RevenuesTotal ExpensesTotal Revenues
$ enter a total amount
eTextbook and Media
List of Accounts
Prepare a classified balance sheet as of December 31, 2017.(List current assets in order ofliquidity.)
Kingbird, Inc.
Balance Sheet
choose the accounting period  For the Month EndedDecember 31, 2017For the Year Ended December 31, 2017December 31,2017
Assets
select an opening name for subsection one  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item
$ enter a dollar amount
enter a balance sheet item
enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing name for subsection one  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
$ enter a total amount for subsection one
select an opening name for subsection two  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item
enter a dollar amount
select between addition and deduction  AddLess: entera balance sheet item
enter a dollar amount
enter a subtotal of the two previous amounts
select a closing section name for this part of balancesheet  Current AssetsCurrent LiabilitiesIntangibleAssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
$ enter a total amount of this part of the balance sheet
Liabilities and Stockholders' Equity
select an opening name for subsection one  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item
$ enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing name for subsection one  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
$ enter a total amount for subsection one of the second part ofthe balance sheet
select an opening name for section two  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item
enter a dollar amount
enter a balance sheet item
enter a dollar amount
select a closing name for section two  CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a total of the two previous amounts
select a closing name for this part of the balancesheet  Current AssetsCurrent LiabilitiesIntangibleAssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
$ enter a total amount for this part of the balance sheet

Kingbird, Inc. Income Statement choose the accounting period For the Month EndedDecember 31, 2017For the Year Ended December 31, 2017December 31,2017
select an opening name for sectionone DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
enter an income statement item		$ enter a dollar amount
select an opening name for sectiontwo DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues
enter an income statement item	$ enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for sectiontwo DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues		enter a total of the five previous amounts
select a closing name for thisstatement DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1Retained Earnings, December 31RevenuesTotalExpensesTotal Revenues		$ enter a total net income or loss amount

Kingbird, Inc. Retained Earnings Statement choose the accounting period For the Month EndedDecember 31, 2017December 31, 2017For the Year Ended December 31,2017
select an opening name DividendsExpensesNet Income /(Loss)Retained Earnings, January 1, 2017Retained Earnings, December31, 2017RevenuesTotal ExpensesTotal Revenues	$ enter a dollar amount
select between addition and deduction AddLess: selectan item DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1, 2017Retained Earnings, December 31,2017RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction AddLess: selectan item DividendsExpensesNet Income / (Loss)RetainedEarnings, January 1, 2017Retained Earnings, December 31,2017RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
select a closing name DividendsExpensesNet Income /(Loss)Retained Earnings, January 1, 2017Retained Earnings, December31, 2017RevenuesTotal ExpensesTotal Revenues	$ enter a total amount

Answer & Explanation Solved by verified expert

4.2 Ratings (770 Votes)

Income statement gives details on the revenue and expenses of the company and provides the net earnings of the company for the year Income statement for Kingbird for 2017 is shown below Kingbird Inc Income statement For the year ended 31st December 2017 Revenue Service revenue 72730 Total revenue 72730 Expenses See Answer

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Retained earnings (beginning of year)		$ 33,380
Utilities expense		2,150
Equipment		68,380
Accounts payable		22,250
Cash		14,300
Salaries and wages payable		5,510
Common stock		12,000
Dividends		12,000
Service revenue		72,730
Prepaid insurance		6,010
Maintenance and repairs expense		1,650
Depreciation expense		3,140
Accounts receivable		15,650
Insurance expense		2,660
Salaries and wages expense		41,730
Accumulated depreciation—equipment		21,800

Assets
Kingbird, Inc. Balance Sheet choose the accounting period For the Month EndedDecember 31, 2017For the Year Ended December 31, 2017December 31,2017
select an opening name for subsection one CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item	$ enter a dollar amount
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for subsection one CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity		$ enter a total amount for subsection one
select an opening name for subsection two CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item	enter a dollar amount
select between addition and deduction AddLess: entera balance sheet item	enter a dollar amount	enter a subtotal of the two previous amounts
select a closing section name for this part of balancesheet Current AssetsCurrent LiabilitiesIntangibleAssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity		$ enter a total amount of this part of the balance sheet
Liabilities and Stockholders' Equity
select an opening name for subsection one CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item	$ enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for subsection one CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity		$ enter a total amount for subsection one of the second part ofthe balance sheet
select an opening name for section two CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for section two CurrentAssetsCurrent LiabilitiesIntangible AssetsLong-TermInvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity		enter a total of the two previous amounts
select a closing name for this part of the balancesheet Current AssetsCurrent LiabilitiesIntangibleAssetsLong-Term InvestmentsLong-Term LiabilitiesProperty, Plant andEquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders' EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders' Equity		$ enter a total amount for this part of the balance sheet