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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

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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: Rebuilt and delivered five pianos in January to customers who paid $19, 100 in cash. Received a S530 deposit from a customer who wanted her piano rebuilt. Rented a part of the building to a bicycle repair shop; received $910 for rent in January. Received $7, 200 from customers as payment on their accounts. Received an electric and gas utility bill for $520 to be paid in February. Ordered $920 in supplies. Paid $2, 040 on account in January. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. Paid $14, 700 in wages to employees who worked in January. Declared and paid a $1.600dividend (reduce Retained Earnings and Cash). Received and paid cash for the supplies in (f). Prepare an income statement for January 31 (ignore income taxes)

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