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 $ 6,800 Accounts payable Accounts receivable 30,800 Unearned revenue Supplies 1,500 Long-term note payable Equipment 9,700 Common stock Land Building 7,800 25,000 Additional paid-in capital Retained earnings $ 8,900 3,240 47,800 190 760 20,710 a. Rebuilt and delivered five pianos in January to customers who paid $18,600 in cash. b. Received a $580 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,300 from customers as payment on their accounts. e. Received an electric and gas utility bill for $470 to be paid in February. f. Ordered $870 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $950 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,300 in wages to employees who worked in January. j. Declared and paid a $2,300 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $330 in interest expense on the long-term note payable. Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes). STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) For the Month Ended January 31, Year 2 Operating revenues: Total operating revenues 0 Operating expenses: Wages expense Utilities expense Total operating expenses 0 0 Other items: Interest expense Interest expense Net income 69 $ 4,350

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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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 its balance sheet account balances were as follows: Complete the income state

1.Accounts receivable

2.Additional paid in capital

3.Advertising expense

5.Cash
5.Commission expense

6.Common stock

7.Consulting expense

8.Cost of goods sold

9.Equipment

10.Fuel expense

11.Games revenue

12.Insurance expense

13.Interest expense

14.Interest revenue