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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: Cash Accounts receivable Supplies Equipment Land Building $ 6,400 32,000 1,500 9,500 7,400 25,300 Accounts payable Unearned revenue Long-term note payable. Common stock a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. Additional paid-in capital Retained earnings c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. Operating revenues: g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. Rebuilding fees revenue i. Paid $16,500 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 in interest expense on the long-term note payable. STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) For the Month Ended January 31, Year 2 Total operating revenues $ 9,600 3,840 Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes). 48,500 1,600 7,000 11,560 $ 19,000 19.000

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 Accounts receivable Supplies Equipment Land Building $ 6,400 32,000 1,500 9,500 7,400 25,300 Accounts payable Unearned revenue Long-term note payable. Common stock a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. Additional paid-in capital Retained earnings c. Rented a part of the building to a bicycle repair shop; received $850 for rent in January. d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. Operating revenues: g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. Rebuilding fees revenue i. Paid $16,500 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 in interest expense on the long-term note payable. STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) For the Month Ended January 31, Year 2 Total operating revenues $ 9,600 3,840 Required: Prepare an unadjusted classified income statement for January of the second year (ignore income taxes). 48,500 1,600 7,000 11,560 $ 19,000 19.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Cash Accounts receivable Supplies Equipment Land Building $ 6,400 32,000 1,500 9,500 7,400 25,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part the building to a bicycle repair shop; received $850 for rent in January. Total operating revenues d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 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: Rebuilding fees revenue $ $ 9,600 3,840 48,500 1,600 7,000 11,560 19,000 19.000 < Prev 3 of 3 ‒‒‒ ‒‒‒ Next
Transcribed Image Text: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 Accounts receivable Supplies Equipment Land Building $ 6,400 32,000 1,500 9,500 7,400 25,300 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings a. Rebuilt and delivered five pianos in January to customers who paid $19,000 in cash. b. Received a $600 deposit from a customer who wanted her piano rebuilt. c. Rented a part the building to a bicycle repair shop; received $850 for rent in January. Total operating revenues d. Received $7,200 from customers as payment on their accounts. e. Received an electric and gas utility bill for $400 to be paid in February. f. Ordered $960 in supplies. g. Paid $2,300 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 100 shares of $1 par value stock. i. Paid $16,500 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). 1. Paid $320 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: Rebuilding fees revenue $ $ 9,600 3,840 48,500 1,600 7,000 11,560 19,000 19.000 < Prev 3 of 3 ‒‒‒ ‒‒‒ Next
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