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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
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 $ 6,800 Accounts payable $ 8,900 Accounts receivable 30,200 Unearned revenue 3,348 Supplies 1,510 Long-term note payable 47,500 Equipment 9,700 Common stock 200 Land 7,300 Additional paid-in capital 800 Building 27,600 Retained earnings 22,370 a. Rebuilt and delivered five planos in January to customers who paid $18,500 in cash. b. Received a $510 deposit from a customer who wanted her piano rebuilt c. Rented a part of the building to a bicycle repair shop, received $880 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $490 to be paid in February t Ordered $870 in supplies. g. Paid $1,940 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $1,000 tool (equipment) to use in the business in exchange for 150 shares of $1 par value stock. i. Paid $14,600 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). Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes)
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