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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
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 Accounts receivable Supplies Equipment Land Building $ 9.400 3140 47,900 1,600 14,740 6,400 $ 6,600 Accounts payable 30,800 Urned revenue 1,480 Note payable long-term) 10,200 Common stock 7,500 Retained earnings 26,600 Additional paid-in capital a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $590 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 $8,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $430 to be paid in February f Ordered $880 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,700 in wages to employees who worked in January. j. Declared and paid a $2,300 (reduce Retained Earnings and Cash). Received and paid cash for the supplies in
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