Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What am I missing on this balance sheet? Only need 5-c Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

What am I missing on this balance sheet? Only need 5-c

Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its 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 $ 6,800 Accounts Payable 32,750 Deferred Revenue (deposits) 1,850 Notes Payable (long-term) 14,500 Common Stock 10,050 Retained Earnings 20,200 $12,600 3,250 45,500 7,500 17,300 Following are the January transactions: a. Received a $870 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $355 rent received for January. c. Delivered five rebuilt pianos to customers who paid $12,775 in cash. d. Delivered two rebuilt pianos to customers for $6,400 charged on account. e. Received $5,300 from customers as payment on their accounts. f. Received an electric and gas utility bill for $675 for January services to be paid in February. g. Ordered $945 in supplies. h. Paid $1,750 on account in January. i. Paid $11,000 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). 5-a. Prepare an income statement for the month ended and at January 31. 5-b. Prepare a statement of retained earnings for the month ended and at January 31. 5-c. Prepare a classified balance sheet for the month ended and at January 31. Prepare a classified balance sheet for the month ended and at January 31. RICKY'S PIANO REBUILDING COMPANY Balance Sheet At January 31 Assets Current Assets Cash $ 12,405 Accounts Receivable 33,850 Supplies 2,795 Total Current Assets Equipment 49,050 14,500 10,050 20,200 Land Buildings Total Assets 93,800 Liabilities Current Liabilities $ 10,850 x Accounts Payable Interest Payable 675 X Deferred Revenue 4,120 Total Current Liabilities 15,645 45,500 Notes Payable (long-term) Total Liabilities 61,145 Stockholders' Equity Common Stock 7,500 25,155 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 32,655 93,800 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping Guidebook A Practitioners Guide

Authors: Steven M. Bragg

2nd Edition

1938910923, 9781938910920

More Books

Students also viewed these Accounting questions