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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: a. Rebuilt and delivered five pianos in January to customers who paid $18,600 in cash. b. Received a $530 deposit from a customer who wanted her piano rebuilt c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,300 from customers as payment on their accounts e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $870 in supplies. g. Paid $2,040 on account in January. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock who worked in January j. Declared and paid a $2,500 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) Above are the drop down options for the left side of the chart
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