Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Prepare a classiried balance sneer ror the month enaea ana at Janua RICKY'S PIANO REBUILDING COMPANY Balance Sheet At January 31 Assets Current

image text in transcribed
image text in transcribed
Required information Prepare a classiried balance sneer ror the month enaea ana at Janua RICKY'S PIANO REBUILDING COMPANY Balance Sheet At January 31 Assets Current Assets Accounts Receivable Cash 13,000 14,500 Total Current Assets 27,500 Total Assets 27,500 Liabilities Current Liabilities Rent Expense 300 Total Current Liabilities 300 G Preu Help EYRU HVU. (The following information applies to the questions displayed below.) 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 Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,800 Retained Earnings 22,800 $ 8,000 3,200 40,000 8,000 9,000 5 Following are the January transactions: a. Received a $500 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop: $300 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,500 in cash. d. Delivered two rebuilt pianos to customers for $7,000 charged on account. e. Received $6,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $350 for January services to be paid in February. g. Ordered $800 in supplies. h. Paid $1,700 on account in January i. Paid $10,000 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g). 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. 5-c. Prepare a classified balance sheet for the month ended and at January 31

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

ISO 27001 Controls A Guide To Implementing And Auditing

Authors: IT Governance

1st Edition

1787781445, 978-1787781443

More Books

Students also viewed these Accounting questions