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5-a. Prepare an income statement for the month ended and at January 31.
5-b. Prepare a statement of retained earnings for the month ended and at January 31.
5-c. Prepare a classified balance sheet for the month ended and at January 31.
Required information E3-13 Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4) (The following information applies to the questions displayed below.) Ricky's Plano Rebuilding Company has been operating for one year. On January 1, at the start of its 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 $ 6,900 Accounts Payable $12,600 32,750 Deferred Revenue (deposits) 3,250 1,950 Notes Payable (long-term) 45,500 14,500 Common Stock 7,500 10,050 Retained Earnings 17,300 20,200 Following are the January transactions: a. Received a $870 deposit from a customer who wanted her plano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $355 rent received for January. C. Delivered five rebuilt planos to customers who paid $12,775 in cash. d. Delivered two rebuilt pianos to customers for $6,400 charged on account. e. Received $5,300 from customers as payment on their accounts. t. Received an electric and gas utility bill for $675 for January services to be paid in February 9. Ordered $945 in supplies. h Paid $1,750 on account in January L Paid $11.000 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (gl Req 5A Reg SB Reg 5C Prepare an income statement for the RICKY'S PIANO REBUILDING COMPANY Income Statement For the Month Ended January 31 Revenues Rent Revenue Service Revenue Total Revenues Expenses 335X 6,400X 6.735 Salaries and Wages Expense Utilities Expense Total Expenses Net Income 0 Reg 5A Req 5B Reg 5C Prepare a statement of retained ea RICKY'S PIANO REBUILDING COMPANY Statement of Retained Earnings Retained Earnings. January 1 Add: Net Income Less: Dividends Retained Earnings. January 31 S Prepare a classified balance sheet for the month ended and at January 31. RICKY'S PIANO REBUILDING COMPANY Balance Sheet At January 31 Assets Current Assets Cash S 6,800X Accounts Receivable 32.750X Supplies 1,850X Total Current Assets Equipment Land Buildings 41,400 14,500 10,050 20,200 S 86.150 Total Assets Liabilities Current Liabilities Accounts Payable Deferred Revenue S 12,600X 3,250x Total Current Liabilities Notes Payable long-term) 15,850 45,500 61,350 Total Liabilities Stockholders' Equity Common Stock Retained Earnings 7,500 17,300X Total Stockholders' Equity Total Liabilities and Stockholders' Equity 24,800 S 86,150
