Stacey"s Piano Rebuilding agency has been operating for one year. In ~ the start of the second year, its earnings statement accounts had actually zero balances and its balance sheet account balances were together follows:Cash.............................$ 6,400Accounts receivable...... 32,000Supplies........................ 1,500Equipment..................... 9,500Land........................... 7,400Building ...................... 25,300Accounts payable............. $ 9,600Unearned revenue ............ 3,840Long-term keep in mind payable...... 48,500Common stock................ 1,600Additional paid-in capital.... 7,000Retained revenue ............. 11,560Required:1. Develop T-accounts for the balance sheet accounts and also for these additional accounts: Rebuilding Fees Revenue, rental Revenue, incomes Expense, and also Utilities Expense. Enter the start balances.2. Go into the adhering to transactions for January the the 2nd year into the T-accounts, using the letter of each transaction as the reference:a. Rebuilt and delivered five pianos in January to customers that paid $19,000 in cash.b. Obtained a $600 deposit indigenous a customer that wanted her piano rebuilt.c. Rented a part of the structure to a bicycle fix shop; obtained $850 for rent in January.d. Obtained $7,200 native customers as payment on their accounts.e. Got an electric and also gas energy bill because that $400 come be paid in February.f. Notified $960 in supplies. .g. Paid $2,300 top top account in January.h. Got from the house of Stacey Eddy, the major shareholder, a $920 tool (equipment) to usage in service in exchange because that 100 share of $1 par worth stock.i. Payment $16,500 in earnings to employee who functioned in January.j. Declared and paid a $2,200 dividend (reduce retained Earnings and Cash).k. Received and paid cash for the gives in (f).3. Making use of the data indigenous the T-accounts, amounts for the following at the end of January the the 2nd year were
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4. What is net revenue if Stacey"s offered the cash basis of accounting? Why go this differ from accrual basis net income (in need 3)?

Balance sheet Balance sheet is a declare of the financial place of a organization that list all the assets, liabilities, and owner’s equity and also shareholder’s same at a details point of time. A balance sheet is likewise called together a “statement the financial... Dividend A dividend is a circulation of a portion of company’s earnings, decided and also managed through the company’s plank of directors, and also paid come the shareholders. Dividends are given on the shares. It is a token reward payment to the shareholders for their... Par value Par value is the face value that a bond. Par worth is necessary for a bond or fixed-income instrument due to the fact that it determines its maturity value and also the dollar value of coupon payments. The sector price the a bond may be above or listed below par,... evaluating the
effects of Transactions in T-Accounts and computing Cash Basis versus Accrual Basis...... ... Net Income $ _______ legacy $ _______ = liabilities $ _______ + Stockholders’ same $ _______ 4.You space watching: What is net income if stacey’s provided the cash basis of accounting? What is net income if Stacey’s used the cash basis of accounting? Why does this differ... View Answer Eddy\"s Piano Rebuilding Company has been operating for one year (2010). At the start of 2011, its...... ... 2011, wereRevenues $_______ – costs $_______ = Net Income $_______Assets $_______ = liabilities $_______ + Stockholders\" same $_______4. What is net income if Eddy\"s used the cash... See Answer Sbrocchis Piano Rebuilding Company has been operating for one year (2013). At the start of...... ... January 2014. If the company had a return on legacy of 6 percent in December 2013 and = percent in November 2013, what does your computation indicate to you around Sbrocchis Piano... View Answer Rickys Piano Rebuilding Company has been operating for one year.

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On January 1, at the start...... ... $ 10,000 in wages to employees in January for work done this month. J. Received and paid cash for the supplies in (g). 3. Short article the journal entries to the T- accounts. Display the unadjusted... See Answer express to E3-10. E3-10 Stacey\"s Piano Rebuilding Company has been operating for one year. At the...... ... note payable...... 48,500 typical stock................ 1,600 Additional paid-in capital.... 7,000 Retained earnings .............

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11,560 Required: Use the ending balances in the T-accounts in... View Answer An investor has $60,000 to invest in a $280,000 property. He can acquire either a $220,000 loan at...... ... The will own the property for the complete loan term?b. Would your answer change if the borrower plan to very own the property only five years?c. Would certainly your answers to (a) and (b) change if the second... View Answer The quadratic equation x 2 + 5x + 3 = 0 has roots ?, ?. Find the quadratic equation with roots 3?, 3?. Watch Answer 1. What is your evaluation of the values of presenting Lightening Bolt to the market?2. How...... ... from herbal ingredients, and bottled water pumped from underground springs.Despite part success, sales and revenues at Katona room barely enough for the 65-employee company to survive. This particular day Reid... View Answer draw cash flow diagram for the following table Superior contractors Pty. Ltd. Cash circulation Statement...... ... $(1,674.00) impact of exchange rate alters in cash Net boost in Cash $ (120.00) $ 2,633.00 60.00 $ (207.00) Cash at the beginning of the period $ 1,135.00 $ 1,342.00 Cash at the end of... See Answer Rustafson copy, group is a diversity manufacturer of consumer goods. The company\"s...... ... has the following seven activity cost pools: Required: 1. Compute the task rate for each activity cost pool. 2. Compute the company\"s predetermined overhead rate, assuming that the company offers a... Check out Answer match each an interpretation with its associated term by entering the proper letter in the space...... ... received and prices when paid J. The income statement equation. K. To reduce in heritage or boosts in legal responsibility form central ongoing operations. L. The retained earning equation. M. A... Watch Answer to express to E3-10. E3-10 Stacey\"s Piano Rebuilding Company has been operating for one year.See more: tiny Shop that Horrors Skid heat Lyrics, tiny Shop of Horrors At the...... ... earnings ............. 11,560 Required: Use the transactions in E3-10 to determine the operating (O), investing (I), and gaue won (F) activities and the direction (+ for increase, - for... View Answer A 16-bit Colour picture is 4 inch x 1 customs in size, v a resolution of 600 dots per inch. Calculation the storage requirements for this image. Check out Answer Procter & Gamble has been the top soap manufacturer in the joined States because 1879, once it...... ... of each are offered here. Use a Pareto chart to analyze these problem causes. Based on your findings, what would certainly you introduce to the company?Problem reason FrequencyBar surface ..........89Color... Check out Answer environment-friendly House Inc. Processes cleaning liquid used as a basic for household cleaning products produced...... ... Started into processing throughout October. All materials are added at the start of handling in the mixing Department. Required: Compute the equivalent units for October for the Mixing... View Answer What are the secrets to obtaining commitment to activity from the decision-board participants in the six-step process? check out Answer 1. What benefits will Lockheed Martin acquire by making use of virtual teams? Explain.2. Recognize and...... ... Individuals working at an ext than 40,000 computer system stations will collaborate to obtain the an initial plane airborne in just four years. Speak of the participation involved, mark Peden, vice president for... See Answer Assume that the market for cardboard is perfect competitive (if not very exciting). In each of...... ... Down in the brief run? draw a diagram that illustrates the firm’s case in every case. A. Minimum ATC = $2.00 Minimum AVC = $1.50 sector price = $1.75 b. Grandfather = $1.00 Minimum AVC = $1.50... Watch Answer