calculate net income using the cash basis of accounting

Required information [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 $ 6,400 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 nces a. Rebuilt 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 f. 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. i. 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 4. What is net income if Stacey's used the cash basis of accounting? Net income