Stacey's Plano Rebuilding Company has been operating for one year. At the start of the second...

 

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Stacey's Plano 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: Cashi $ 7,100 Accounts payable Accounts receivable 30,300 Unearned revenue Supplies 1,510 Long-term note payable Equipment 9,800 Common stock Land Building 7,700 26,200 Additional paid-in capital Retained earnings $ 8,700 3,540 47,900 196 784 21,490 a. Rebuilt and delivered five planos In January to customers who paid $19,200 in cash. b. Received a $590 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $880 for rent in January. d. Received $7,500 from customers as payment on their accounts. e. Received an electric and gas utility bill for $450 to be paid in February. f. Ordered $870 in supplies. g. Paid $2,140 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 140 shares of $1 par value stock. 1. Pald $14,800 in wages to employees who worked In January. J. Declared and paid a $2,600 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f) 1. Pald $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 Plano 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: Cashi $ 7,100 Accounts payable Accounts receivable 30,300 Unearned revenue Supplies 1,510 Long-term note payable Equipment 9,800 Common stock Land Building 7,700 26,200 Additional paid-in capital Retained earnings $ 8,700 3,540 47,900 196 784 21,490 a. Rebuilt and delivered five planos In January to customers who paid $19,200 in cash. b. Received a $590 deposit from a customer who wanted her plano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $880 for rent in January. d. Received $7,500 from customers as payment on their accounts. e. Received an electric and gas utility bill for $450 to be paid in February. f. Ordered $870 in supplies. g. Paid $2,140 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 140 shares of $1 par value stock. 1. Pald $14,800 in wages to employees who worked In January. J. Declared and paid a $2,600 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f) 1. Pald $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).

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To prepare an unadjusted classified Income statement for January of the second year for Staceys Pian... View the full answer