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Required information [The following information applies to the questions displayed below.] Stacey's Piano Rebuilding Company has been operating for one year. At the start
Required information [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: Cash 6,700 Accounts payable Accounts receivable 30,400 Unearned revenue $ 8,600 3,740 Supplies 1,520 Equipment 10,400 Long-term note payable Common stock 47,900 1,660 Land Building 8,200 27,200 Additional paid-in capital 6,640 Retained earnings 15,880 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $550 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. d. Received $7,500 from customers as payment on their accounts. e. Received an electric and gas utility bill for $440 to be paid in February. f. Ordered $900 in supplies. g. Paid $1,340 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f).
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