Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GLLLLLS I CIUUGILESGUIS UGNOIRE SCL GLUEIL GIORCY . $ $ Cash Accounts receivable Supplies Equipment Land 9, 382 3,540 47,100 6,800 30, 199 1,538 10,580

image text in transcribed
GLLLLLS I CIUUGILESGUIS UGNOIRE SCL GLUEIL GIORCY . $ $ Cash Accounts receivable Supplies Equipment Land 9, 382 3,540 47,100 6,800 30, 199 1,538 10,580 8,100 26,682 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid in capital Retained earnings 1,700 6,880 15,199 Building a. Rebuilt and delivered five pianos in January to customers who paid $18.400 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 $870 for rent in January d. Received $7600 from customers as payment on their accounts e Received an electric and gas utility bill for $420 to be paid in February f. Ordered $930 in supplies g. Paid $2,040 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 110 shares of $1 par value stock Paid $14,800 in wages to employees who worked in January J. Declared and paid a $1,700 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?

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

Managerial Accounting

Authors: Stacey Whitecotton

1st Edition

0697799271, 978-0697799272

More Books

Students also viewed these Accounting questions