#5 what is the net income if Stafeys used the cash basis of accounting?

Check my work mode : This shows what is correct or incorrect for the work you have completed s Accrual Basis Net Income LO3-3, 3-4 [The following information applies to the questions displayed below.) Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land Building $ 6,200 30, 200 1,460 10,200 7,800 26,400 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings $9,300 3,140 48,000 1,660 6,640 13,520 a. Rebuilt and delivered five pianos in January to customers who paid $18,900 in cash. b. Received a $520 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $870 for rent in January. d. Received $8,000 from customers as payment on their accounts. e. Received an electric and gas utility bill for $460 to be paid in February 1. Ordered $870 in supplies. g. Paid $1,840 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $910 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. 1. Paid $14,100 in wages to employees who worked in January J. Declared and paid a $2,500 dividend (reduce Retained Eamings and Cash). k. Received and paid cash for the supplies in (1) E3-10 Part 4 4. What is net income if Stacey's used the cash basis of accounting? Answer is complete but not entirely correct. Not income S 4.3403 0 > End. Bal. 11,020 End. Bal. Beg. Bal og Beg. Bal. Rebuilding Fees Revenue 0 0 18.900 0 0 18,000 a) IS Rent Revenue 0 0 870 (c) 0 0 870 End. Bal End, Bal 0 Beg Bal Beg. Bat. 10 Wages Expense 0 14,100 0 14 100 le > 0 0 Utilities Expense 00 480 0 480 0 0 OOO End Bal End. Bal Prey