C E3-1 (static) Preparing an income statement LU 3.5 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: 1.600 3,640 Accounts receivable supplies Land Bulding 6.490 Auta payable 32.000 thened revenue 1.100 Long-ters not payable 9.300 C 7.400 Additional paid in capital 25.300 Metained earni 1.600 9.00 11.566 a. Rebuit and delivered five pianos in January to customers who paid $19.000 in cash b. Received a $600 deposit from a customer who wanted her plano rebuilt c Rented a part of the building to a bicycle repair shop received $850 for rent in January d. Received $7.200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February t Ordered $960 in supplies g. Paid $2,300 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment to use in the business in exchange for 100 Paid $16.500 in wages to employees who worked in January Declared and paid a $2.200 dividend reduce Retained Earings and Cashi. k Received and paid cash for the supplies in Required: Prepare an unachusted Classified income statement for January of the second year tencre Income toes) STACEYS PIANO REBUILDING COMPANY Income Statemented For the Month Ended January 31 Operating revenues Total operating over Operating expenses e. Received an electric and gas utility bill for $400 to be paid in February 1. Ordered $960 in supplies. g. Paid $2,300 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. L. Paid $16,500 in wages to employees who worked in January J. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (). Required: Prepare an unadjusted classified income statement for January of the second year (Ignore Income taxes). STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) For the Month Ended January 31 Operating revenues: Total operating revenues Operating expenses Total operating expenses 0 Other item $ 0 E3-11 (Static) Preparing an Income Statement LO3-5 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 $ 6,400 Accounts payable 32,000 Unearned revenue 1,500 Long-term note payable 9,500 Common stock 7,400 Additional paid-in capital 25,300 Retained earnings $ 9,600 3,840 48,500 1,600 7,000 11,560 COS a. Rebuilt and delivered five planos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January d. Received $7.200 from customers as payment on their accounts e. Received an electric and gas utility bill for $400 to be paid in February 1. Ordered $960 in supplies. g. Pald $2,300 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. L. Paid $16,500 in wages to employees who worked in January Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash), k. Received and paid cash for the supplies in (0) Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes). STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) For the Month Ended January 31 Operating revenues Total operating revenues Onartin Ann