just trying to solve net income under cash basis accounting

Return to qu 4 E3-10 (Algo) Analyzing the Effects of Transactions in T-Accounts and Computing Cash Basis versus Accrual Basis Net Income LO3-3, 3-4 [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: Part 2 of 3 20 points $ $ Cash Accounts receivable Supplies Equipment Land Building 6,700 30,500 1,510 9,900 7,900 27,200 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,100 3,340 47,900 1,660 6,640 15,070 a. Rebuilt and delivered five planos in January to customers who paid $19,000 in cash. b. Received a $500 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 $7,900 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 $1,840 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 150 shares of $1 par value stock. 1. Pald $14,200 in wages to employees who worked in January J. Declared and paid a $1,900 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (9 Me GES HI E- Cash Accounts Recelvable 3 6,700 30,500 Beg. Bal. 30 910 7.900 SIS Beg. Bal. (a) (b) (c) (d) (d) 19.000 500 860 7.900 1,840 14,200 1,900 (k) (9) (0) 0) End. Bal. 22,600 End. Bal. 16,110 Beg. Bal. (k) Supplies 1,510 910 Bog. Bat. (h) Equipment 9,900 950 > End. Bal. 2,420 End. Bal 10,850 Land 7.900 Building 27,200 Beg. Bal. Beg Bal End. Bal. 7,900 End. Bal. 27,200 S Return to ques Required information 3 Beg. Bal. Beg Bal Accounts Payable 9,100 480 1,840 7,740 Unearned Revenue 3,340 500 (e) (b) (9) End. Bal. 1 End. Bal. 3,840 Long-term Note Payable 47.900 Beg. Bal. Beg Bal Common Stock 1,660 150 End. Bal. 47,900 End. Bal. 1.810 Bog. Bal Additional Paid-in Capital 6,640 800 Beg. Bal 10) Retained Earnings 15.070 1,900 (h) End. Bal. 7,440 End. Bal 13,170 Rebuilding Fees Revenue Rent Revenue Beg. Bal. Beg. Bal 19,000 (a) 880 (c) End. Bal. 19,000 End, Bal 880 Wages Expense Beg Bat. 0 Beg Bat te) 14.200 180 End Bal 14,200 End. Bal 480 G N MacBook Pro GOO COD II % & 7 C 9 ) O * 5 6 8 T Y U ! 0 P [ 11 G H J L ? 3. Using the data from the l-accounts, amounts for the following at the end of January of the second year, were: Answer is complete and correct. Expenses $ 14,680 Net Income Revonuou 19,880 Is 5,180 Answer is complete and correct. $ 59,480 Stockholders noully Assets s 87.000 $ 27,000 Me HII E3-10 Part 4 4. What is net income if Stacey's used the cash basis of accounting? Not income