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Prepare an unadjusted classified income statement for January of the second year (ignore income taxes) E3-10 (Algo) Preparing an Income Statement LO3-5 Stacey's Piano Rebuliding
Prepare an unadjusted classified income statement for January of the second year (ignore income taxes)
E3-10 (Algo) Preparing an Income Statement LO3-5 Stacey's Piano Rebuliding 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: a. Rebuilt and delivered flve planos in January to customers who paid $19,300 in cash. b. Received a $570 deposit Irom 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. Recelved $8,200 from customers as payment on their accounts. e. Recelved an electric and gas utility bill for $490 to be paid in February. f. Ordered $930 in supplies. g. Paid $1,540 on account in January. h. Recelved from the home of Stocey Eddy, the major sharehoider, a $970 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Pald $14,200 in wages to employees who worked in January. 1. Declared and poid a $2,100 dividend (reduce Retained Earnings and Cash). k. Recelved and paid cash for the supplies in (i). i. Paid $320 in interest expense on the long-term note payoble. Required: Required: Prepare an unadjusted classifled income statement for January of the second year (ignore income taxes). Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes) Step by Step Solution
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