Required information E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required information E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4] [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: Cash $ 8,150 Accounts Payable 12,200 Accounts Deferred Revenue 22,250 Receivable 4,050 (deposits) Notes Payable (long- Supplies 3,000 45,000 term) Equipment 8,700 Common Stock 14,000 Land 8,850 Retained Earnings 5,600 Buildings 29,900 Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). E3-13 (Algo) Part 5 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. Req 5A Req 5B Req 5C Prepare an income statement for the month ended and at January 31. RICKY'S PIANO REBUILDING COMPANY Income Statement Required information E3-13 (Algo) Recording and Posting Accrual Basis Journal Entries, and Preparing an Unadjusted Trial Balance and Preliminary Financial Statements [LO 3-2, 3-3, LO 3-4] [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: Cash $ 8,150 Accounts Payable 12,200 Accounts Deferred Revenue 22,250 Receivable 4,050 (deposits) Notes Payable (long- Supplies 3,000 45,000 term) Equipment 8,700 Common Stock 14,000 Land 8,850 Retained Earnings 5,600 Buildings 29,900 Following are the January transactions: a. Received a $665 deposit from a customer who wanted her piano rebuilt in February. b. Rented a part of the building to a bicycle repair shop; $685 rent received for January. c. Delivered five rebuilt pianos to customers who paid $18,675 in cash. d. Delivered two rebuilt pianos to customers for $9,600 charged on account. e. Received $8,000 from customers as payment on their accounts. f. Received an electric and gas utility bill for $395 for January services to be paid in February. g. Ordered $1,255 in supplies. h. Paid $2,600 on account in January. i. Paid $12,200 in wages to employees in January for work done this month. j. Received and paid cash for the supplies in (g). E3-13 (Algo) Part 5 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. Req 5A Req 5B Req 5C Prepare an income statement for the month ended and at January 31. RICKY'S PIANO REBUILDING COMPANY Income Statement
Expert Answer:
Answer rating: 100% (QA)
RICKYS PIANO REBUILDING COMPANY Income Statement For the Month Ended January 31 R... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
How does the organization's mission, vision, values, and strategies shapes the organizational culture and develop culture for change?
-
Nitrogen is compressed by an adiabatic compressor from 100 kPa and 25C to 600 kPa and 290C. Calculate the entropy generation for this process, in kJ/kgK.
-
Problems 3443. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for later sections, a final exam, or subsequent courses such as calculus. The...
-
Repeat Problem 7.24, except place the fault at bus 1. Data From Problem 7.24:- PowerWorld Simulator case Problem 7.24 models the system shown in Figure 7.14 with all data on a 1000-MVA base. Using...
-
Duluth Glass Company manufactures window glass for automobiles. The following data pertain to the Plate Glass Department. Work in process, February 1 Direct...
-
1 Angie Kaeli begins business as a real estate agent with a cash investment of $10,000. 2 Angie hires an administrative assistant. 3 Angie purchases office furniture for $2,900, on account. 8 Angie...
-
A water tank is in the shape of an inverted circular cone with diameter 12 feet and height 17 feet. Another conical tank is to be built with height 17 feet but with one-half the capacity of the...
-
An entity denominated a December 15, 20X6, purchase of goods in a currency other than its functional currency. The transaction resulted in a payable fixed in terms of the amount of foreign currency...
-
A credit-balancing item resulting from the process of restating a foreign entitys financial statement from the local currency unit to U.S. dollars should be included as a(an) a. Separate component of...
-
When remeasuring foreign currency financial statements into the functional currency, which of the following items would be remeasured using a historical exchange rate? a. Inventories carried at cost....
-
How are discontinued operations reported on an interim basis?
-
Which of the following reporting practices is permissible for interim financial reporting? a. Use of the gross profit method for interim inventory pricing. b. Use of the direct costing method for...
-
Precision machining, inc. is committed to providing customers with high-quality design, development, and production services to meet their unique demands. With over 65 years of combined experience,...
-
TRUE-FALSE QUESTIONS 1. In terms of preliminary analytical procedures, assume that the company has introduced a new product with a low price point and significant customer demand. The auditor would...
-
What mechanisms are in place to guide the identification, measurement, categorization, and communication of information to stakeholders and users? Discuss differences between users and stakeholders.
-
Among your colleagues in class, identify a term or phrase italicized in this chapter that you think is the most significant from your reading. Absent team consensus, then just provide your...
-
What is the purpose of financial statements? Would you want to produce them even if they were not required, say, for entity tax reporting?
Study smarter with the SolutionInn App