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help please! Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero
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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 payable $7,100 30,800 Unearned revenue Accounts receivable Supplies $9,600 3,340 47,800 1,500 Long-term note payable Common stock 9,600 190 Equipment Land Building 8,000 760 Additional paid-in capital Retained earnings 24,800 20,110 a. Rebuilt and delivered five pianos in January to customers who paid $18,600 in cash. b. Received a $530 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $840 for rent in January. d. Received $7,700 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,940 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $950 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $14,300 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 (f). 1. Paid $350 in interest expense on the long-term note payable. 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: Total operating revenues Operating expenses: Total operating expenses Other items: 0 Step by Step Solution
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