8-b. Prepare the classified balance sheet for the year ended December 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:8-b. Prepare the classified balance sheet for the year ended December 31, 2024.
![Required information
Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[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
Debits
$25,200
16,000
13,200
154,000
$208,400
The following is a summary of the transactions for the year:
Problem 3-9A (Algo) Part 8
Credits
$7,300
6,400
149,000
45,700
$208,400
Provide storage services for cash, $140, 100, and on account, $55,200.
Collect on accounts receivable, $52,100.
Receive cash in advance from customers, $13,500.
Purchase supplies on account, $10,400.
Pay property taxes, $9,100.
Pay on accounts payable, $12,000.
Pay salaries, $129,600.
Issue shares of common stock in exchange for $33,000 cash.
Pay $3,400 cash dividends to stockholders.
8-a. Prepare the income statement for the year ended December 31, 2024.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa880cc3d-71b2-44bc-9eb8-ccb18aa2c0ed%2Fe0b7daf3-a930-4a65-a26e-e1cf5e224ad5%2F8fn6bxq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[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
Debits
$25,200
16,000
13,200
154,000
$208,400
The following is a summary of the transactions for the year:
Problem 3-9A (Algo) Part 8
Credits
$7,300
6,400
149,000
45,700
$208,400
Provide storage services for cash, $140, 100, and on account, $55,200.
Collect on accounts receivable, $52,100.
Receive cash in advance from customers, $13,500.
Purchase supplies on account, $10,400.
Pay property taxes, $9,100.
Pay on accounts payable, $12,000.
Pay salaries, $129,600.
Issue shares of common stock in exchange for $33,000 cash.
Pay $3,400 cash dividends to stockholders.
8-a. Prepare the income statement for the year ended December 31, 2024.
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