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: $ 6,950 Accounts Payable 24,000 Deferred Revenue (deposita) 2,250 Notes Payable (long-term) 10,200 Common Stock 7,550 Retained Earnings 31,800 Following are the January transactions: a. Received a $550 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $400 rent received for January. c. Delivered five rebuilt pianos to customers who paid $16,975 in cash. d. Delivered two rebuilt planos to customers for $8,900 charged on account. Cash Accounts Receivable Supplies Equipment Land Buildings $9,350 4,850 47,750 9,500 11,300 e. Received $6,850 from customers as payment on their accounts. t. Received an electric and gas utility bill for $375 for January services to be paid in February. g. Ordered $1,170 in supplies. h. Paid $1,650 on account in January. 1. Paid $17,900 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (a) 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,
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: $ 6,950 Accounts Payable 24,000 Deferred Revenue (deposita) 2,250 Notes Payable (long-term) 10,200 Common Stock 7,550 Retained Earnings 31,800 Following are the January transactions: a. Received a $550 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $400 rent received for January. c. Delivered five rebuilt pianos to customers who paid $16,975 in cash. d. Delivered two rebuilt planos to customers for $8,900 charged on account. Cash Accounts Receivable Supplies Equipment Land Buildings $9,350 4,850 47,750 9,500 11,300 e. Received $6,850 from customers as payment on their accounts. t. Received an electric and gas utility bill for $375 for January services to be paid in February. g. Ordered $1,170 in supplies. h. Paid $1,650 on account in January. 1. Paid $17,900 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (a) 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,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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:
$ 6,950 Accounts Payable.
24,000 Deferred Revenue (deposita)
2,250 Notes Payable (long-term)
10,200 Common Stock
7,550 Retained Earnings
31,800
Following are the January transactions:
a. Received a $550 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $400 rent received for January,
c. Delivered five rebuilt pianos to customers who paid $16,975 in cash.
d. Delivered two rebuilt pianos to customers for $8,900 charged on account.
Cash
Accounts Receivable
Supplies
Equipment
Land
Buildings
e. Received $6,850 from customers as payment on their accounts.
1. Received an electric and gas utility bill for $375 for January services to be paid in February.
g. Ordered $1,170 in supplies.
h. Paid $1,650 on account in January.
1. Paid $17,900 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,
Complete this question by entering your answers in the tabs below.
Reg SA
Req 50
$9,350
4,850
47,750
9,500
11,300
Rea SC
Prepare an income statement for the month ended and at January 31.
RICKY'S PIANO REBUILDING COMPANY
Income Statement
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F9132dd56-bc05-4994-bc55-8ed1b7f37566%2Fhz1duz_processed.jpeg&w=3840&q=75)
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:
$ 6,950 Accounts Payable.
24,000 Deferred Revenue (deposita)
2,250 Notes Payable (long-term)
10,200 Common Stock
7,550 Retained Earnings
31,800
Following are the January transactions:
a. Received a $550 deposit from a customer who wanted her piano rebuilt in February.
b. Rented a part of the building to a bicycle repair shop; $400 rent received for January,
c. Delivered five rebuilt pianos to customers who paid $16,975 in cash.
d. Delivered two rebuilt pianos to customers for $8,900 charged on account.
Cash
Accounts Receivable
Supplies
Equipment
Land
Buildings
e. Received $6,850 from customers as payment on their accounts.
1. Received an electric and gas utility bill for $375 for January services to be paid in February.
g. Ordered $1,170 in supplies.
h. Paid $1,650 on account in January.
1. Paid $17,900 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,
Complete this question by entering your answers in the tabs below.
Reg SA
Req 50
$9,350
4,850
47,750
9,500
11,300
Rea SC
Prepare an income statement for the month ended and at January 31.
RICKY'S PIANO REBUILDING COMPANY
Income Statement
0
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