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 are the January transactions: Received a $870 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $355 rent received for January. Delivered five rebuilt pianos to customers who paid $12,775 in cash. Delivered two rebuilt pianos to customers for $6,400 charged on account. Received $5,300 from customers as payment on their accounts. Received an electric and gas utility bill for $675 for January services to be paid in February. Ordered $945 in supplies. Paid $1,750 on account in January. Paid $11,000 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). Post the journal entries to the T-accounts. Show the unadjusted beginning and ending balances in the T-accounts

Answer:

Ricky’s Piano Rebuilding Company

Cash

Account Titles              Debit     Credit

Beginning Balance    $ 6,800

Deferred Revenue          870

Rent Revenue                 355

Service Revenue        12,775

Accounts Receivable  5,300

Accounts Payable                        $1,750

Wages Expense                           11,000

Balance                                     $13,350

Totals                       $26,100   $26,100

Accounts Receivable

Account Titles              Debit     Credit

Beginning Balance   $32,750

Service Revenue          6,400

Cash                                           $5,300

Balance                                    $33,850

Totals                       $39,150   $39,150

Supplies

Account Titles              Debit     Credit

Beginning Balance    $1,850

Equipment

Account Titles              Debit     Credit

Beginning Balance   $14,500

Building

Account Titles              Debit     Credit

Beginning Balance   $20,200

Land

Account Titles              Debit     Credit

Beginning Balance   $10,050

Utilities Expense

Account Titles              Debit     Credit

Accounts Payable        $675

Wages Expense

Account Titles              Debit     Credit

Cash                             $11,000

Accounts Payable

Account Titles              Debit     Credit

Beginning Balance                     $12,600

Cash                            $1,750

Balance                       10,850

Totals                        $12,600   $12,600

Deferred Revenue (deposits)

Account Titles              Debit     Credit

Beginning Balance                     $3,250

Cash                                                 870

Balance                       $4,120

Totals                          $4,120    $4,120

Rent Revenue

Account Titles              Debit     Credit

Cash                                              $355

Service Revenue

Account Titles              Debit     Credit

Cash                                           $12,775

Accounts Receivable                   6,400

Balance                      $19,175

Totals                         $19,175   $19,175

Notes Payable (long-term)

Account Titles              Debit     Credit

Beginning Balance                     $45,500

Common Stock

Account Titles              Debit     Credit

Beginning Balance                     $7,500

Retained Earnings

Account Titles              Debit     Credit

Beginning Balance                    $17,300

Explanation:

a) Data and Calculations:

Beginning Balance Sheet

As of January 1, Year 2:

Cash                          $ 6,800

Accounts Receivable 32,750

Supplies                        1,850

Equipment                  14,500

Building                     20,200

Land                           10,050  

Accounts Payable                  $ 12,600

Deferred Revenue (deposits)    3,250

Notes Payable (long-term)      45,500

Common Stock                          7,500

Retained Earnings                    17,300

Totals                     $86,150   $86,150

The journal entries to record the January transactions for Ricky's Piano Rebuilding Company are as follows. The unadjusted beginning and ending balances for the accounts are also shown in Sheet 1.

A journal entry is used to record a business transaction in the accounting records of a business.

A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger. The general ledger is then used to create financial statements for the business.

Here are the journal entries to record the January transactions for Ricky's Piano Rebuilding Company:

Attached is sheet 1.

Unadjusted Beginning and Ending Balances are shown in Sheet 2 attached.

Ending Balances:

The ending balance is the net residual balance in an account. It is usually measured at the end of a reporting period, as part of the closing process. An ending balance is derived by adding up the transaction totals in an account and then adding this total to the beginning balance.

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Cost of Goods Sold Section, Multiple-Step Income Statement
Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
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Estimated Returns Inventory, January 1, 20-- 1,000
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Purchases Returns and Allowances 4,200
Purchases Discounts 2,040
Freight-In 800
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Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
$
$
$
$

$


$
$
Cost of goods sold $

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Interest expense 71,000 Income tax expense 25,000
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NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
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Income Statement
For the Year Ended December 31, 2017
Sales
Sales revenue $2,210,000
Less: Sales discounts $160,000
Net Sales $2,050,000
Cost of goods sold $987,000
Gross profit $1,063,000
Operating expenses
Salaries and wages expense $465,000
Depreciation expense $310,000
Utilities expense $110,000
Total operating expenses $885,000
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Other expenses and losses
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Interest expense 71,000 154,500
Income before income taxes 88,500
Income tax expense 25,000 28%
Net income $63,500
(b) Profit margin
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Net Sales 2,050,000
3.10%
Gross profit rate
Gross profit $1,063,000
Net sales $2,050,000
51.9%
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CRANE COMPANY
Trial Balance
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Debit Credit
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