Required information [The following information applies to the questions displayed below.] The general ledger of Zips...
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Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $26,200 Credits 17,000 15,200 164,000 $8,300 7,400 159,000 47,700 $222,400 $222,400 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $150,100, and on account, $60,200. Collect on accounts receivable, $53,100. Receive cash in advance from customers, $14,500. Purchase supplies on account, $12,400. Pay property taxes, $10,100. Pay on accounts payable, $13,000. Pay salaries, $139,600. Issue shares of common stock in exchange for $43,000 cash. Pay $4,400 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Expenses: ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 Total Expenses Net Income 0 Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $26,200 Credits 17,000 15,200 164,000 $8,300 7,400 159,000 47,700 $222,400 $222,400 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $150,100, and on account, $60,200. Collect on accounts receivable, $53,100. Receive cash in advance from customers, $14,500. Purchase supplies on account, $12,400. Pay property taxes, $10,100. Pay on accounts payable, $13,000. Pay salaries, $139,600. Issue shares of common stock in exchange for $43,000 cash. Pay $4,400 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Expenses: ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 Total Expenses Net Income 0
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ZIPS STORAGE Income Statement For the Year Ended December 31 2024 Revenues Storage service... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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