Stacey"s Piano Rebuilding firm has been operating for one year. In ~ the start of the second year, its revenue statement accounts had actually zero balances and its balance sheet account balances were as follows:Cash.............................$ 6,400Accounts receivable...... 32,000Supplies........................ 1,500Equipment..................... 9,500Land........................... 7,400Building ...................... 25,300Accounts payable............. $ 9,600Unearned revenue ............ 3,840Long-term note payable...... 48,500Common stock................ 1,600Additional paid-in capital.... 7,000Retained earnings ............. 11,560Required:1. Create T-accounts for the balance sheet accounts and also for these additional accounts: Rebuilding Fees Revenue, rental Revenue, incomes Expense, and also Utilities Expense. Go into the beginning balances.2. Get in the adhering to transactions because that January the the 2nd year into the T-accounts, utilizing the letter of every transaction together the reference:a. Rebuilt and also delivered five pianos in January to customers who paid $19,000 in cash.b. Received a $600 deposit indigenous a customer who wanted her piano rebuilt.c. Rented a component of the building to a bicycle repair shop; got $850 because that rent in January.d. Obtained $7,200 from customers together payment on your accounts.e. Obtained an electric and also gas energy bill for $400 come be paid in February.f. Ordered $960 in supplies. .g. Paid $2,300 ~ above account in January.h. Got from the house of Stacey Eddy, the significant shareholder, a $920 device (equipment) to usage in organization in exchange because that 100 share of $1 par worth stock.i. Paid $16,500 in incomes to employee who operated in January.j. Declared and also paid a $2,200 dividend (reduce kept Earnings and also Cash).k. Received and paid cash for the provides in (f).3. Utilizing the data indigenous the T-accounts, amounts for the following at the end of January the the second year were
*

4. What is net earnings if Stacey"s used the cash communication of accounting? Why does this differ from accrual communication net earnings (in need 3)?


Balance sheet Balance sheet is a statement of the financial place of a organization that perform all the assets, liabilities, and owner’s equity and also shareholder’s same at a certain point the time. A balance sheet is likewise called together a “statement the financial... Dividend A dividend is a distribution of a portion of this firm earnings, decided and also managed by the company’s plank of directors, and paid to the shareholders. Dividends are given on the shares. That is a token reward paid to the shareholders because that their... Par worth Par value is the challenge value that a bond. Par worth is necessary for a shortcut or fixed-income instrument due to the fact that it identify its maturity value and also the dollar value of coupon payments. The industry price of a bond may be over or below par,...
analyzing the
impacts of Transactions in T-Accounts and computer Cash Basis versus Accrual Basis...... ... Net Income $ _______ legacy $ _______ = liabilities $ _______ + Stockholders’ same $ _______ 4.

You are watching: What is net income if stacey’s used 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\" equity $_______4. What is net income if Eddy\"s used the cash... Check out 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 her computation imply to you about Sbrocchis Piano... See Answer
Rickys Piano Rebuilding Company has been operating for one year. On January 1, at the start...... ... $ 10,000 in wages to employees in January for job-related done this month. J. Received and paid cash for the supplies in (g). 3. Write-up the newspaper entries to the T- accounts. Display the unadjusted... Check out Answer
to express to E3-10. E3-10 Stacey\"s Piano Rebuilding Company has been operating for one year. At the...... ... note payable...... 48,500 usual stock................ 1,600 Additional paid-in capital.... 7,000 Retained earnings ............. 11,560 Required: Use the ending balances in the T-accounts in... See Answer
An investor has $60,000 to invest in a $280,000 property. That can achieve either a $220,000 loan at...... ... That will own the residential or commercial property for the complete loan term?b. Would certainly your answer readjust if the borrower plan to very own the property just five years?c. Would your answer to (a) and (b) change if the second... View Answer
The quadratic equation x 2 + 5x + 3 = 0 has roots ?, ?. Discover the quadratic equation with roots 3?, 3?. View Answer
1. What is your evaluation of the principles of presenting Lightening Bolt to the market?2. How...... ... from natural ingredients, and bottled water pumped from secret springs.Despite part success, sales and profits at Katona space barely enough for the 65-employee company to survive. This particular day Reid... Watch Answer
draw cash circulation diagram for the following table Superior home builders Pty. Ltd. Cash circulation Statement...... ... $(1,674.00) impact of exchange rate alters in cash Net rise 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 coporation, group is a diversity manufacturer of customer goods. The company\"s...... ... has the following seven task cost pools: Required: 1. Compute the task rate for each task cost pool. 2. Compute the company\"s predetermined overhead rate, assuming the the company provides a... See Answer
enhance each meaning with its associated term by beginning the suitable letter in the space...... ... received and costs when paid J. The income statement equation. K. Reduce in legacy or rises in legal responsibility form main ongoing operations. L. The retained earning equation. M. A... See Answer
express to E3-10. E3-10 Stacey\"s Piano Rebuilding Company has been operating for one year.

See more: Little Shop Of Horrors Skid Row Lyrics, Little Shop Of Horrors

At the...... ... earnings ............. 11,560 Required: Use the transactions in E3-10 to identify the operating (O), investing (I), and gaue won (F) activities and the direction (+ for increase, - for... Check out Answer
A 16-bit Colour picture is 4 customs x 1 customs in size, with a resolution of 600 dots per inch. Calculate the storage needs for this image. Check out Answer
Procter & Gamble has actually been the leading soap manufacturer in the joined States since 1879, once it...... ... of each are given here. Use a Pareto graph to analysis these problem causes. Based upon your findings, what would you recommend to the company?Problem cause FrequencyBar surface ar ..........89Color... See Answer
eco-friendly House Inc. Processes cleaning fluid used as a basic for family members cleaning commodities produced...... ... Started right into processing during October. All products are included at the beginning of processing in the mixing Department. Required: Compute the equivalent units for October for the Mixing... Check out Answer
What room the tricks to getting commitment to activity from the decision-board attendees in the six-step process? watch Answer
1. What benefits will Lockheed Martin gain by making use of virtual teams? Explain.2. Identify and...... ... People working at more than 40,000 computer system stations will certainly collaborate to acquire the first plane airborne in just 4 years. Speak of the cooperation involved, mark Peden, vice chairman for... Watch Answer
Assume the the industry for cardboard is perfect competitive (if not really exciting). In each of...... ... Down in the short run? attract a diagram that illustrates the firm’s situation in each case. A. Minimum ATC = $2.00 Minimum AVC = $1.50 market price = $1.75 b. Mr = $1.00 Minimum AVC = $1.50... Watch Answer