Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ched 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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Ched 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: $ $ Camh Accounts receivable Supplies Equipment Land Building 6,700 30,900 1,540 10,400 7.300 27,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 8,600 3,440 48,000 1,620 6.480 16,000 a. Rebuilt and delivered five planos in January to customers who paid $18,500 in cash. b. Received a $560 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $860 for rent in January d. Received $8,100 from customers as payment on their accounts. e. Received an electric and gas utility bill for $430 to be paid in February f. Ordered $940 in supplies. 9. Paid $1940 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 120 shares of $1 par value stock 1. Paid $15,000 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 Afrin Required information Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. 0 End, Bal End. Bal. Building Land Beg. Bal. Beg. Bal. End. Bal. End, Bal. 0 Unnamed Revenue Accounts Payable Required information Accounts Payablo Beg. Bal. Unearned Revenue Beg. Bal. End. Bal. 0 End. Bal 0 Long-term Note Payable Common Stock Beg. Bal. Beg. Bal End. Bal. 0 End. Bal. 0 Additional Pald-n Capital Retained Earnings Beg. Bal. Beg. Bal End, Bal. 0 End. Bal. 0 Rebullding Fees Revenuo Rent Revenue Beg. Bal. Bog. Bal. Revuntung Fees Revenue Beg. Bal. Rent Revenue Beg. Bal. End. Bal. 0 End. Bal. 0 Wages Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0

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

Step: 3

blur-text-image

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

Accounting

Authors: Carl S. Warren, Philip E. Fess, James M. Reeve, C.Rollin Niswonger, Jim Reeve

18th Edition

0538839333, 978-0538839334

More Books

Students also viewed these Accounting questions

Question

Explain the origins of heart sounds.

Answered: 1 week ago

Question

Timeline for implementation report

Answered: 1 week ago

Question

a. What aspects of the situation are under your control?

Answered: 1 week ago