Question: Please answer both balance sheet and income statement The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debito


The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debito $ 25,500 16,300 13,800 157,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,600 6,700 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $143, 100, and on account, $56,700. 2. February 12 Collect on accounts receivable, $52,400. 3. April 25 Receive cash in advance from customers, $13,800. 4. May 6 Purchase supplies on account, $11,000. 5. July 15 Pay property taxes, $9,400. 6. September 10 Pay on accounts payable, $12,300. 7. October 31 Pay salaries, $132,600. 8. November 20 Issue shares of common stock in exchange for $36,000 cash. 9. December 30 Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800. Provide services of $12,700 related to cash paid in advance by customers. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Zips Storage Income Statement For the Year Ended December 31, 2021 Revenues: 0 Total Revenues Expenses: Total Expenses 0 $ 0 The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Zips Storage Balance Sheet December 31, 2021 Liabilities Assets Current Assets: Current Liabilities: 0 Total Current Liabilities Stockholders' Equity 0 0 Total current assets Long-term Assets 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity $ 0 $ Total assets
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