Question

Required information Prepare a classiried balance sneer ror the month enaea ana at Janua RICKY'S PIANO REBUILDING COMPANY Balance Sheet At January 31 Assets Current Assets Accounts Receivable Cash 13,000 14,500 Total Current Assets 27,500 Total Assets 27,500 Liabilities Current Liabilities Rent Expense 300 Total Current Liabilities 300 G Preu

Answer 1

Ricky's Piano Rebuilding Bal Cash 6000 h. 500 i. 1700 Bal Accounts Receivable 25000 e. 7000 6000 10000 d. a. b. 300 8. 800 c. 14500 Bal. 26000 e. 6000 32000 32000 Bal. 14800 27300 27300 Supplies 1200 800 Equipment 80001 Bal Bal h. Bal. 2000 Bal. 8000 2000 2000 8000 8000 Land 6000 Building 220001 Bal Bal Bal. Bal. 6000 6000 22000 22000 6000 22000 h. 8000 Accounts Payable 1700 Bal f. 6650 350 Deferred Revenue (Deposits) Bal 3200 a 500 3700 3700 3700 Bal Bal 8350 8350 Note Payable Bal Common Stock Bal 40000 8000 Bal Bal 40000 40000 8000 8000 40000 8000 Retained Earnings Bal 9000 Rebuilding Fees Revenue C. d. 21500 14500 7000 Bal 9000 Bal 9000 9000 21500 21500 Rent Revenue b. Wages Expense 10000 300 i. Bal 300 300 Bal 10000 10000 10000 300 Utilities Expense 350 Additional Capital Bal f. Bal 0 Bal 350 0 399 350 350

Debit in $ Credit in $ 14800 26000 2000 6000 22000 8000 Trial Balance For the period ending ... Particulars Cash Accounts Receivable Supplies Land Building Equipment Accounts Payable Deferred Revenue (Deposits) Note Payable Common Stock Retained Earnings Rebuilding Fees Revenue Rent Revenue Wages Expense Utilities Expense Totals 6650 3700 40000 8000 9000 21500 300 10000 350 89150 89150 0 Statement of Income For the period ending... Rebuilding Fees Revenue Rent Revenue Total Revenues 21500 300 21800 Expenses: Wages Expense Utilities Expense Net Income 10000 350 10350 11450 Statement of Retained Earnings For the period ending ... Beginning Balance Net Income 9000 11450 20450 0 20450 Dividends Net Earnings by Cash Basis Statement of Income For the period ending ... Rebuilding Fees Revenue Rent Revenue Total Revenues 14500 300 14800 Expenses: Wages Expense Net Income 10000 10000 4800

Amounts Amounts Balance Sheet As at... Assets Current Assets Cash Accounts Receivable Supplies Amounts Amounts Liabilities Current Liabilities 14800 Accounts Payable 26000 Deferred Revenue (Deposits) 2000 42800 Note Payable 6650 3700 40000 50350 Non Current Assets Land Building Equipment Total Assets 6000 22000 8000 Shareholders Equity Contributed Capital 36000 Retained Earnings 78800 Total Liabilities & Equity 8000 20450 28450 78800