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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 $ 6,400 Accounts payable Accounts receivable 30,800 Unearned revenue Supplies 1,450 Equipment 10,600 Long-term note payable Common stock Land 8,000 Additional paid-in capital Building 25,400 Retained earnings $ 9,300 3,640 47,600 196 784 21,130 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $540 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $830 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $1,700 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $350 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: $ 3,800

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 $ 6,400 Accounts payable Accounts receivable 30,800 Unearned revenue Supplies 1,450 Equipment 10,600 Long-term note payable Common stock Land 8,000 Additional paid-in capital Building 25,400 Retained earnings $ 9,300 3,640 47,600 196 784 21,130 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $540 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $830 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $1,700 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $350 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: $ 3,800

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 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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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 $ 6,400 Accounts payable Accounts receivable 30,800 Unearned revenue Supplies 1,450 Equipment 10,600 Long-term note payable Common stock Land 8,000 Additional paid-in capital Building 25,400 Retained earnings $ 9,300 3,640 47,600 196 784 21,130 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $540 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $830 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $1,700 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $350 in interest expense on the long-term note payable.
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 $ 6,400 Accounts payable Accounts receivable 30,800 Unearned revenue Supplies 1,450 Equipment 10,600 Long-term note payable Common stock Land 8,000 Additional paid-in capital Building 25,400 Retained earnings $ 9,300 3,640 47,600 196 784 21,130 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $540 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $830 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $480 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,540 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,900 in wages to employees who worked in January. j. Declared and paid a $1,700 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). I. Paid $350 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: $ 3,800
Transcribed Image Text: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: $ 3,800
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