E3-11 (Algo) 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 7,000 30,400 1,450 9,800 7,800 26,600 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,000 3,240 47,800 188 752 22,070 a. Rebuilt and delivered five pianos in January to customers who paid $19,200 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 $900 for rent in January. d. Received $7,500 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $930 in supplies. g. Paid $1,440 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 120 shares of $1 par value stock. i. Paid $14,700 in wages to employees who worked in January. j. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes). STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) Operating revenues: 0 Total operating revenues Operating expenses: Total operating expenses 0 Other item: $ 0