Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

$ Cash Accounts receivable Supplies Equipment Land Building 7,000 30,600 1,530 10,300 7,400 26,600 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid

image text in transcribed
$ Cash Accounts receivable Supplies Equipment Land Building 7,000 30,600 1,530 10,300 7,400 26,600 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid in capital Retained earnings $ 9,600 3,340 47,600 1,600 6,400 14,890 a. Rebuilt and delivered five pianos in January to customers who paid $18,900 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop, received $820 for rent in January d. Received $8,100 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February f. Ordered $960 in supplies. g. Paid $2,040 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $940 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock 1. Paid $14,600 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 2. What is net income if Stacey's used the cash basis of accounting? Net income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Care And Counsel For Combat Trauma Training Program Workbook For Audit Only

Authors: Cru Military, American Association Of Christian Counselors, Light University, Karen D Watkins

1st Edition

0986363081, 978-0986363085

More Books

Students also viewed these Accounting questions

Question

What is the best conclusion for Xbar Chart? UCL A X B C B A LCL

Answered: 1 week ago