. Prepare the income statement for the year ended December 31, 2024.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[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.
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
The following is a summary of the transactions for the year:
Expenses:
Debits
$25,100
15,900
13,000
153,000
$207,000
Total Expenses
Credits
$7,200
6,300
148,000
45,500
$207,000
ZIPS STORAGE
Income Statement
For the Year Ended December 31, 2024
Provide storage services for cash, $139, 100, and on account, $54,700.
Collect on accounts receivable, $52,000.
Receive cash in advance from customers, $13,400.
Purchase supplies on account, $10,200.
8-a. Prepare the income statement for the year ended December 31, 2024.
Pay property taxes, $9,000.
Pay on accounts payable, $11,900.
Pay salaries, $128,600.
Issue shares of common stock in exchange for $32,000 cash.
Pay $3,300 cash dividends to stockholders.
Transcribed Image Text:! 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. 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 The following is a summary of the transactions for the year: Expenses: Debits $25,100 15,900 13,000 153,000 $207,000 Total Expenses Credits $7,200 6,300 148,000 45,500 $207,000 ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 Provide storage services for cash, $139, 100, and on account, $54,700. Collect on accounts receivable, $52,000. Receive cash in advance from customers, $13,400. Purchase supplies on account, $10,200. 8-a. Prepare the income statement for the year ended December 31, 2024. Pay property taxes, $9,000. Pay on accounts payable, $11,900. Pay salaries, $128,600. Issue shares of common stock in exchange for $32,000 cash. Pay $3,300 cash dividends to stockholders.
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