10.00 points E3-17 Inferring Operating Transactions and Preparing an Income Statement and Balance Sheet L03-2, 3-3, 3-4, 3-5 Kate's Kit Company (a corporation) sells and repair Kites from matchers wound the world. Its stores are located in rented space in mals 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 DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS Ending Bilance $ 63.000 $(124001 $ 5.700) $ 780 S (1.170) 52.440) $ 3.760 Accounts Receivable 410 Inventory 25200 2100 Prepaid Expenses Store Fixtures 12.400 Accounts Payable 19.500 51 150 Uneamed Revenue Common Stock (51 par value) Additional Paldin Capital Sales Revenue 12.000 6.210 Cost of Sales W Expense Rant Expense Ultes Expense Required: 2. Compute the ending balance in each account and prepare an income statement and a classified balance sheet for Kate's Kite Company on April 30. KATE'S KITE COMPANY Income Statement Total expenses KATE'S KITE COMPANY Balance Sheet Liabilities and Shareholders' Equity Current Liabilities: Current Assets KATE'S KITE COMPANY Balance Sheet Assets Current Assets Llabilities and Shareholders' Equity Current Liabilities: Total current assets Total current liabilities Shareholders' Equity: Total shareholders' equity 0 Total Liabilities & Shareholders' Equity Total Assets $ s Hints References eBook & Resources