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STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) Operating revenues. Total operating revenues 0 Operating expenses. Total operating expenses 0 0 Other items: $ 5,290 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 $ 6,500 Accounts payable Accounts receivable 30,400 Unearned revenue Supplies 1,470 Equipment 10,400 Long-term note payable Common stock Land 7,700 Additional paid-in capital Building 27,300 Retained earnings $ 9,600 3,340 47,200 192 768 22,670 a. Rebuilt and delivered five pianos in January to customers who paid $19,200 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $910 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $940 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 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 $300 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) Operating revenues. Total operating revenues 0 Operating expenses. Total operating expenses 0 0 Other items: $ 5,290 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 $ 6,500 Accounts payable Accounts receivable 30,400 Unearned revenue Supplies 1,470 Equipment 10,400 Long-term note payable Common stock Land 7,700 Additional paid-in capital Building 27,300 Retained earnings $ 9,600 3,340 47,200 192 768 22,670 a. Rebuilt and delivered five pianos in January to customers who paid $19,200 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $910 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $940 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 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 $300 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).

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) Operating revenues. Total operating revenues 0 Operating expenses. Total operating expenses 0 0 Other items: $ 5,290
Transcribed Image Text:STACEY'S PIANO REBUILDING COMPANY Income Statement (unadjusted) Operating revenues. Total operating revenues 0 Operating expenses. Total operating expenses 0 0 Other items: $ 5,290
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 $ 6,500 Accounts payable Accounts receivable 30,400 Unearned revenue Supplies 1,470 Equipment 10,400 Long-term note payable Common stock Land 7,700 Additional paid-in capital Building 27,300 Retained earnings $ 9,600 3,340 47,200 192 768 22,670 a. Rebuilt and delivered five pianos in January to customers who paid $19,200 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $910 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $940 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 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 $300 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).
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 $ 6,500 Accounts payable Accounts receivable 30,400 Unearned revenue Supplies 1,470 Equipment 10,400 Long-term note payable Common stock Land 7,700 Additional paid-in capital Building 27,300 Retained earnings $ 9,600 3,340 47,200 192 768 22,670 a. Rebuilt and delivered five pianos in January to customers who paid $19,200 in cash. b. Received a $570 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $910 for rent in January. d. Received $7,600 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $940 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $960 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. i. Paid $14,100 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 $300 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).
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