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 | $ | 6,200 | Accounts Payable | $ | 10,400 | ||
Accounts Receivable | 33,250 | Deferred Revenue (deposits) | 4,000 | ||||
Supplies | 1,700 | Notes Payable (long-term) | 60,750 | ||||
Equipment | 12,200 | Common Stock | 7,000 | ||||
Land | 8,500 | Retained Earnings | 3,800 | ||||
Building | 24,100 | ||||||
Following are the January transactions:
Received a $715 deposit from a customer who wanted her piano rebuilt in February.
Rented a part of the building to a bicycle repair shop; $445 rent received for January.
Delivered five rebuilt pianos to customers who paid $12,800 in cash.
Delivered two rebuilt pianos to customers for $7,300 charged on account.
Received $5,200 from customers as payment on their accounts.
Received an electric and gas utility bill for $365 for January services to be paid in February.
Ordered $1,145 in supplies.
Paid $2,100 on account in January.
Paid $11,200 in wages to employees in January for work done this month.
Received and paid cash for the supplies in (g).
Prepare an unadjusted trial balance at January 31.
5a
Income Statement For the year ended January 31, second year |
||
Revenues | ||
Service revenue (12800+7300) | 20100 | |
Rent revenue | 445 | |
Total revenues | 20545 | |
Expenses | ||
Gas utility expense | 365 | |
Wages expense | 11200 | |
Total expense | 11565 | |
Net Income | 8980 |
5b
Statement of Retained Earnings For the Year ended January 31, second year |
|
Retained earnings balance Deecember 31, 2017 | 3800 |
Add: Net Income | 8980 |
Retained earnings balance, December 31 2018 | 12780 |
5c
Balance Sheet As of January 31, Second year |
||
Assets | ||
Current Assets | ||
Cash (6200+715+445+12800+5200-2100-11200) | 12060 | |
Accounts receivable (33250+7300-5200) | 35350 | |
Supplies (1700+1145) | 2845 | |
Total Current Assets | 50255 | |
Long term Assets | ||
Equipment | 12200 | |
Land | 8500 | |
Building | 24100 | 44800 |
Total Assets | 95055 | |
Liabilities | ||
Current Liabilities | ||
Accounts payable (10400-2100+365+1145) | 9810 | |
Deferred revenue (4000+715) | 4715 | |
Total Current liabilities | 14525 | |
Long Term Liabilities | ||
Notes payable (long term) | 60750 | |
Total liabilities | 75275 | |
Stockholder equity | ||
Common stock | 7000 | |
Retained earnings | 12780 | |
Total Stockholders equity | 19780 | |
Total liabilities and Stockholders equity | 95055 |
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 $ 6,200 Accounts Payable $ 10,400 Accounts Receivable 33,250 Deferred Revenue (deposits) 4,000 Supplies 1,700 Notes Payable (long-term) 60,750 Equipment 12,200 Common Stock 7,000 Land 8,500 Retained Earnings 3,800 Building 24,100 Following are the January transactions: Received a $715 deposit from a customer...
# 6 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 $ 6,300 Accounts Payable $ 8,850 Accounts Receivable 31,000 Deferred Revenue (deposits) 4,450 Supplies 2,550 Notes Payable (long-term) 49,000 Equipment 12,300 Common Stock 12,500 Land 9,150 Retained Earnings 12,500 Building 26,000 Following are the January transactions: Received a $760 deposit from...
# 7 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 $ 6,300 Accounts Payable $ 8,850 Accounts Receivable 31,000 Deferred Revenue (deposits) 4,450 Supplies 2,550 Notes Payable (long-term) 49,000 Equipment 12,300 Common Stock 12,500 Land 9,150 Retained Earnings 12,500 Building 26,000 Following are the January transactions: Received a $760 deposit from...
Ricky’s piano rebuilding company has been operating for one
year. On January 1 at the start of its 2nd year, it’s income
statement accounts had 0 balances and it’s balance statement sheet
account balances were as follows:
Cash 6200
Accounts receivables 33,250
Supplies 1,700
Equipment 12,200
Land 8,500
Building 24,100
Accounts Payable 10,400
Deferred Revenue 4,000
Notes payables longterm 60, 750
Common stock 7000
Retained earnings 3,800
The following january transactions are in the picture and I
need a t...
#8 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 $ 6,300 Accounts Payable $ 8,850 Accounts Receivable 31,000 Deferred Revenue (deposits) 4,450 Supplies 2,550 Notes Payable (long-term) 49,000 Equipment 12,300 Common Stock 12,500 Land 9,150 Retained Earnings 12,500 Building 26,000 Following are the January transactions: Received a $760 deposit from a...
#9 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 $ 6,300 Accounts Payable $ 8,850 Accounts Receivable 31,000 Deferred Revenue (deposits) 4,450 Supplies 2,550 Notes Payable (long-term) 49,000 Equipment 12,300 Common Stock 12,500 Land 9,150 Retained Earnings 12,500 Building 26,000 Following are the January transactions: Received a $760 deposit from a...
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
$
6,250
Accounts
Payable
$
8,600
Accounts
Receivable
31,500
Unearned Revenue
(deposits)
3,850
Supplies
2,400
Notes Payable
42,750
Equipment
15,200
Common Stock
9,000
Land
8,250
Retained
Earnings
12,300
Building
12,900
Following are the January 2013
transactions:
a.
Received a $950 deposit from a...
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 $ 7,850 Accounts Payable $ 10,300 Accounts Receivable 15,000 Unearned Revenue (deposits) 4,400 Supplies 2,100 Notes Payable 41,500 Equipment 9,500 Common Stock 10,000 Land 8,400 Retained Earnings 5,050 Building 28,400 Following are the January 2013 transactions: a. Received a $690 deposit from a...
5. Required information [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 $ 7,250 Accounts Payable $ 12,350 Accounts Receivable 33,000 Deferred Revenue (deposits) 4,200 Supplies 1,750 Notes Payable (long-term) 40,750 Equipment 10,500 Common Stock 11,000 Land 6,650 Retained Earnings 18,350 Building 27,500...
[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 $ 6,250 Accounts Payable $ 8,600 Accounts Receivable 31,500 Deferred Revenue (deposits) 3,850 Supplies 2,400 Notes Payable (long-term) 42,750 Equipment 15,200 Common Stock 9,000 Land 8,250 Retained Earnings 12,300 Building 12,900 Following are the...