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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 $ 7,100 Accounts Payable $ 12,500 Accounts Receivable 29,750 Deferred Revenue (deposits) 3,550 Supplies Equipment 2,200 Notes Payable (long-term) 11,200 Common Stock 42,250 17,000 Land 9,800 Retained Earnings 7,350 Buildings 22,600 Following are the January transactions: a. Received a $795 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $545 rent received for January. c. Delivered five rebuilt pianos to customers who paid $14,425 in cash. d. Delivered two rebuilt pianos to customers for $7,600 charged on account. e. Received $6,400 from customers as payment on their accounts. f. Received an electric and gas utility bill for $750 for January services to be paid in February. g. Ordered $1,140 in supplies. h. Paid $3,400 on account in January. i. Paid $16,900 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. 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 Req 5A Req 5B > Complete this question by entering your answers in the tabs below. Req 5A Req 5B Req 5C 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. RICKY'S PIANO REBUILDING COMPANY Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, January 31 < Req 5A Req 5C > Complete this question by entering your answers in the tabs below. Req 5A Req 5B Req 5C Prepare a classified balance sheet at January 31. RICKY'S PIANO REBUILDING COMPANY Balance Sheet
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