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Required information [The following information applies to the questions displayed below.] Ricky's Piano Rebuilding Company has been operating for one year. On January 1,
Required information [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 $ 6,800 Accounts Payable $ 12,600 Accounts Receivable 32,750 Deferred Revenue (deposits) 3,250 Supplies Equipment Land 1,850 Notes Payable (long-term) 14,500 Common Stock 10,050 Retained Earnings 45,500 7,500 17,300 Buildings 20,200 Following are the January transactions: a. Received a $870 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $355 rent received for January c. Delivered five rebuilt pianos to customers who paid $12,775,in cash. d. Delivered two rebuilt pianos to customers for $6,400 charged on account. e. Received $5,300 from customers as payment on their accounts. 1. Received an electric and gas utility bill for $675 for January services to be paid in February. g. Ordered $945 in supplies. h. Paid $1,750 on account in January. 1. Paid $11,000 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g).
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