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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 $ 7,100 Accounts Payable $ 12,500
Accounts Receivable 29,750 Deferred Revenue (deposits) 3,550
Supplies 2,200 Notes Payable (long-term) 42,250
Equipment 11,200 Common Stock 17,000
Land 9,800 Retained Earnings 7,350
Building 22,600

Following are the January transactions:

  1. Received a $795 deposit from a customer who wanted her piano rebuilt in February.
  2. Rented a part of the building to a bicycle repair shop; $545 rent received for January.
  3. Delivered five rebuilt pianos to customers who paid $14,425 in cash.
  4. Delivered two rebuilt pianos to customers for $7,600 charged on account.
  5. Received $6,400 from customers as payment on their accounts.
  6. Received an electric and gas utility bill for $750 for January services to be paid in February.
  7. Ordered $1,140 in supplies.
  8. Paid $3,400 on account in January.
  9. Paid $16,900 in wages to employees in January for work done this month.
  10. Received and paid cash for the supplies in (g).

Prepare a classified balance sheet for the month ended and at January 31.

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