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! Required information [The following information applies to the questions displayed below.) 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 6,200 30, 200 1,460 9,800 8,000 26,800 Accounts payable $ Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9, 100 3,340 47,800 1,540 6,160 14,520 a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $520 deposit from a customer who wanted her piano rebuilt. C. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. d. Received $8,100 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $950 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,800 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). Required: 1 & 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction as the reference. Cash Beg. Bal. Accounts Receivable Beg. Bal. End. Bal. 0 End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Land Building Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Accounts Payable Unearned Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Common Stock Long-term Note Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Retained Earnings Additional Paid-in Capital Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Rent Revenue Rebuilding Fees Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Wages Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Required information (The following information applies to the questions displayed below. 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 $ 6,200 30,200 1,460 9,800 8,000 26,800 Accounts payable $ Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,100 3,340 47,800 1,540 6,160 14,520 Land' Building a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $520 deposit from a customer who wanted her piano rebuilt. C. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. d. Received $8,100 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $950 in supplies. g. Paid $2,040 on account in January h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,800 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). 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were: Revenues Expenses = Net income Assets Liabilities + Stockholders' equity ! Required information [The following information applies to the questions displayed below.) 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: S Cash Accounts receivable Supplies Equipment 6,200 30,200 1,460 9,800 8,000 26,800 Accounts payable $ Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,100 3,340 47,800 1,540 6,160 14,520 Land Building a. Rebuilt and delivered five pianos in January to customers who paid $19,100 in cash. b. Received a $520 deposit from a customer who wanted her piano rebuilt. C. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. d. Received $8,100 from customers as payment on their accounts. e. Received an electric and gas utility bill for $420 to be paid in February. f. Ordered $950 in supplies. g. Paid $2,040 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 140 shares of $1 par value stock. i. Paid $14,800 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). 4. What is net income if Stacey's used the cash basis of accounting? Net income