Homework Answers
1. Income Statement
| Income statement | |||
| Sales Revenue | 22025 | ||
| Add:Rental Revenue | 545 | ||
| Less:Wages exp | -16900 | ||
| Less: Utility Exp | -750 | ||
| -17105 | |||
| Net Income | 4920 |
2. Statement of Retained Earnings
| Retained Earnings Jan 1 | 7350 |
| Add: Net Income | 4920 |
| Retained Earnings Jan 31 | 12270 |
3. Balance Sheet
| Assets | Dollars |
| Current Assets | |
| Cash | 7825 |
| accounts Receivable | 30950 |
| Supplies | 3340 |
| Total Current Assets (A) | 42115 |
| Non Current Assets | |
| Equipment | 11200 |
| Land | 9800 |
| Building | 22600 |
| Total Non Current Assets (B) | 43600 |
| Total Assets (A+B) | 85715 |
| Liabilities | |
| Short term Liabilities | |
| Accounts Payable | 9100 |
| deferred Revenue (Deposits) | 4345 |
| Utitlity bills Payable | 750 |
| Total Short term Liabilities (C) | 14195 |
| Long term Liabilities | |
| Notes Payable | 42250 |
| Total Long term Liabilities (D) | 42250 |
| Total Liabilities (C+D) | 56445 |
| Common Stock | 17000 |
| Retained Earnings | 12270 |
| Equity (E) | 29270 |
| Total Liabilities and net worth (C+D+E) | 85715 |
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5 Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the...
5a 5b 5c Required information [The following information applies to the questions displayed below.] Ricky's Piano...
5a
5b
5c
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 Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22,000 $ 8,000 3,200 40,000...
Check my work Che nywele Ricky's Piano Rebuilding Company has been operating for one year. On...
Check my work Che nywele 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: points $ 8,500 5, 200 eBook cash Accounts Receivable Supplies Equipment Land Buildings $ 6,900 Accounts Payable Deferred Revenue 25,250 (deposits) 1,350 250 Notes Payable (long-term) 15,300 Common Stock 6,900 Retained Earnings 22,700 43,500 15,000 6,200 Hint Following are...
#9 Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the...
#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...
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...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017,...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows: 20 points Cash Accounts Receivable Supplies Equipment Land Building $ 6,300 Accounts Payable 25,900 Deferred Revenue (deposits) 1,290 Notes Payable 8,300 Contributed Capital 6,300 Retained Earnings 23,500 $ 8,300 3,290 42,400 8,300 9,300 eBook Print Required: 2 Prepare journal entries for the following January 2017 transactions, using the...
Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of i...
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 Accounts Receivable Supplies Equipment Land Buildings S 6,000 Accounts Payable Deferred Revenue (deposits) Notes Payable (long-term) Common Stock Retained Earnings $ 8,000 3,200 40,000 8,000 9,000 25,000 8.000 6,000 22,000 Required 1. Create T-accounts for the balance sheet accounts and for these additional...
Ricky’s piano rebuilding company has been operating for one year. On January 1 at the start...
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...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017,...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 7,800 Accounts Payable 30,400 Deferred Revenue (deposits) 1,740 Notes Payable 9,899 Contributed Capital 7,800 Retained Earnings 31,000 $ 9,800 3,740 54,400 9,800 10,800 Required: 2. Prepare journal entries for the following January 2017 transactions, using the letter of each transaction...
Required information (The following information applies to the questions displayed below.] Ricky's Piano Rebuilding Company has...
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 Accounts Receivable Supplies Equipment Land Building $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposits) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 28,400 $10,300 4,400 41,500 10,000 5,050 Following are...
# 6 Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at...
# 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...
5a
5b
5c
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 Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22,000 $ 8,000 3,200 40,000...
Check my work Che nywele 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: points $ 8,500 5, 200 eBook cash Accounts Receivable Supplies Equipment Land Buildings $ 6,900 Accounts Payable Deferred Revenue 25,250 (deposits) 1,350 250 Notes Payable (long-term) 15,300 Common Stock 6,900 Retained Earnings 22,700 43,500 15,000 6,200 Hint Following are...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows: 20 points Cash Accounts Receivable Supplies Equipment Land Building $ 6,300 Accounts Payable 25,900 Deferred Revenue (deposits) 1,290 Notes Payable 8,300 Contributed Capital 6,300 Retained Earnings 23,500 $ 8,300 3,290 42,400 8,300 9,300 eBook Print Required: 2 Prepare journal entries for the following January 2017 transactions, using the...
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 Accounts Receivable Supplies Equipment Land Buildings S 6,000 Accounts Payable Deferred Revenue (deposits) Notes Payable (long-term) Common Stock Retained Earnings $ 8,000 3,200 40,000 8,000 9,000 25,000 8.000 6,000 22,000 Required 1. Create T-accounts for the balance sheet accounts and for these additional...
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...
Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 7,800 Accounts Payable 30,400 Deferred Revenue (deposits) 1,740 Notes Payable 9,899 Contributed Capital 7,800 Retained Earnings 31,000 $ 9,800 3,740 54,400 9,800 10,800 Required: 2. Prepare journal entries for the following January 2017 transactions, using the letter of each transaction...
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 Accounts Receivable Supplies Equipment Land Building $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposits) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 28,400 $10,300 4,400 41,500 10,000 5,050 Following are...
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