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Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts
Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 8,150 Accounts Payable 12,200 Accounts Deferred Revenue 22,250 4,050 Receivable (deposits) Supplies Notes Payable (long- 3,000 45,000 term) Equipment 8,700 Common Stock 14,000 Land 8,850 Retained Earnings 5,600 Buildings 29,900 Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). E3-13 (Algo) Part 5 5-a. Prepare an income statement for the month ended and at January 31. 5-b. Prepare a statement of retained earnings for the month ended and at January 31. If there are no dividends, include a line that reports Dividends of zero. 5-c. Prepare a classified balance sheet at January 31. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Req 5C Prepare an income statement for the month ended and at January 31. RICKY'S PIANO REBUILDING COMPANY Income Statement
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