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Kate's Kite
Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite
Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable Inventory Prepaid Expenses Store Fixtures Accounts Payable Unearned Revenue Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (a) (d) (e) $ 65,200 $(13,000) $(6,100) $ 8,880 5,320 (5,810) 24,800 9,780 55,420 13,000 18,700 14,200 5,810 $1,300 1,300 (f) (g) (h) $(1,230) $ (2,200) $ 3,790 1,230 1,650 550 2,460 1,330 Ending Balance
Compute the ending balance in each account and prepare an unadjusted classified income
statement for Kate's Kite
Company on April 30. Sales revenue KATE'S KITE
COMPANY Income
Statement (unadjusted) For the Month Ended April 30 $ Total revenues Expenses: Cost of sales Wages expense Rent expense Utilities expense Total operating expenses Net income $ $ 15,530 15,530 5,810 1,230 550 1,300 8,890 6,640