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Stacey's Piano Rebuilding Company has been operating for one year. At the start f the second year, its income statement accounts had zero balances and
Stacey's Piano Rebuilding Company has been operating for one year. At the start f the second year, its income statement accounts had zero balances and its balance sheet account balances follows: were Cash Accounts receivable 6,700 30.100 1.460 10,300 Accounts Unearned revenue Note payable (long-term) Common stock 8,900 3.840 47.200 Supplies Equipment 194 Additional paid-in canital 24.200 Building a. Rebuilt and delivered five pianos in January to customers who paid $18,400 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 $820 for rent in January d. Received $7,800 from customers as payment on their accounts. Received an electric and gas utility bill for $450 to be paid in February. f. Ordered $920 in supplies. January h. Received from the home of Stacey Eddv, the maior shareholder, a $970 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,200 in wages to employees who worked i j. Declared and paid a $2,500dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in () January. Required: Prepare an income statement for January 31 (ignore income taxes) STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) Operating revenues: Total operating revenues 0 Operating expenses Total operating expenses 0 Other item: C
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