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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 9,120 3,500 47 298 6,380 30.700 1,530 9.803 7,308 26,300 Accounts payable Unearned revenue Long term note payable COTON stock Additional paid in capital Retained earnings Land 792 Building 21. les a. Rebuilt and delivered five pianos in January to customers who paid $19.200 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 $910 for rent in January d. Received $8.100 from customers as payment on their accounts e Received an electric and gas utility bill for $430 to be paid in February f. Ordered $920 in supplies 9 Paid $1.640 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $990 tool fequipment to use in the business in exchange for 120 shares of $1 per value stock Paid $15,000 in wages to employees who worked in January Declared and paid a $1600 dividend (reduce Retained Earnings and Cash k Received and paid cash for the supplies in (0) Required: Prepare an unadjusted classified income statement for January of the second year ignore income taxes) STACEY'S PIANO REBUILDING COMPANY income Statement (unadjusted Operating revenues Total operating revenues Operating expenses Total Operating expenses
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