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:
5-a. Prepare an income statement for the month ended and at January 31.
5-b. Prepare a statement of retained earnings for the month ended and at January 31.
5-c. Prepare a classified balance sheet for the month ended and at January 31.
Answer:
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...
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$6,200Accounts Payable$10,400Accounts Receivable33,250Deferred Revenue (deposits)4,000Supplies1,700Notes Payable (long-term)60,750Equipment12,200Common Stock7,000Land8,500Retained Earnings3,800Building24,100 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...
#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...
# 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...
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...
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...
# 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 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...
[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...
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 $ 6,800 Accounts Payable $ 12,600 Accounts Receivable 32,750 Deferred Revenue (deposits) 3,250 Supplies 1,850 Notes Payable (long-term) 45,500 Equipment 14,500 Common Stock 7,500 Land 10,050 Retained Earnings 17,300 Building 20,200 Following...