Need only 5-c balance sheet but don't give answer in image format
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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
Buildings
$ 8,150 Accounts Payable
22,250 Deferred Revenue (deposits)
3,000 Notes Payable (long-term)
8,700 Common Stock
8,850 Retained Earnings
29,900
$ 12,200
4,050
45,000
14,000
5,600
Following are the January transactions:
a. Received a $665 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $685 rent received for January,
c. Delivered five rebuilt planos to customers who paid $18,675 in cash.
d. Delivered two rebuilt planos to customers for $9,600 charged on account.
e. Received $8,000 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $395 for January services to be paid in February.
g. Ordered $1,255 in supplies.
h. Paid $2,600 on account in January.
1. Paid $12,200 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. If there are no dividends, include a line that
reports Dividends of zero.
5-c. Prepare a classified balance sheet at January 31,
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
![Required information
[The following information applies to the questions displayed below.]
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
Buildings
$ 8,150 Accounts Payable
22,250 Deferred Revenue (deposits)
3,000 Notes Payable (long-term)
8,700 Common Stock
8,850 Retained Earnings
29,900
$ 12,200
4,050
45,000
14,000
5,600
Following are the January transactions:
a. Received a $665 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $685 rent received for January,
c. Delivered five rebuilt planos to customers who paid $18,675 in cash.
d. Delivered two rebuilt planos to customers for $9,600 charged on account.
e. Received $8,000 from customers as payment on their accounts.
f. Received an electric and gas utility bill for $395 for January services to be paid in February.
g. Ordered $1,255 in supplies.
h. Paid $2,600 on account in January.
1. Paid $12,200 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. If there are no dividends, include a line that
reports Dividends of zero.
5-c. Prepare a classified balance sheet at January 31,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde883f2b-285d-4d55-8493-937a7e117d03%2F3c0be4b4-de27-4fd7-8aac-8efb22b96f98%2Fat3adpr_processed.jpeg&w=3840&q=75)
