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Stacey's Plano Rebuilding Company has been operating for one year. At the start of the second year, its income utement accounts had zero balances and
Stacey's Plano Rebuilding Company has been operating for one year. At the start of the second year, its income utement accounts had zero balances and its balance sheet account balances were as follows: 6,500 30,300 Cash Accounts receivable Supplies Equipment Land Building 10,600 7.400 24,900 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 3.040 47,200 196 784 20,970 a. Rebuilt and delivered five planos in January to customers who paid $18,700 in cash b. Received a $510 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $890 for rent in January, d. Received $8,100 from customers as payment on their accounts e. Received an electric and gas utility bill for $420 to be paid in February f. Ordered $900 in supplies. g. Paid $1,940 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. 1. Paid $14,000 in wages to employees who worked in January. J. Declared and paid a $1,900 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (n. Required: Prepare an unadjusted classified income statement for January of the second year ignore income taxes). STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) At January 31 Operating revenues: Total operating revenues Operating expenses: 0 Total operating expenses Other item: $
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