8-b. Prepare the classified balance sheet for the year ended December 31, 2024.Current assets:CashAccounts ReceivableSuppliesPrepaid InsuranceTotal current assetsLong-term assets:Total assetsAssets$ZIPS STORAGEBalance SheetDecember 31, 202400Current liabilities:Total current liabilities.LiabilitiesStockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equity$000 Required informationProblem 3-9A (Static) 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:Debits$24,60015,40012,000148,000AccountsCashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred RevenueCommon StockRetained EarningsTotals$200,000Credits$6,7005,800143,00044,500$200,000The following is a summary of the transactions for the year:1. January 92. February 123. April 254. May 65. July 156.September 107.October 318.November 209. December 30Provide storage services for cash, $134,100, and on account, $52,200.Collect on accounts receivable, $51,500.Receive cash in advance from customers, $12,900.Purchase supplies on account, $9,200.Pay property taxes, $8,500.Pay on accounts payable, $11,400.Pay salaries, $123,600.Issue shares of common stock in exchange for $27,000 cash.Pay $2,800 cash dividends to stockholders.

Lets understand the basics.Income Statement :— It is one of the financial statement that shows…

re the classified balance sheet for the year ended December 31, 2024. ets: s Receivable Insurance Assets ZIPS STORAGE Balance Sheet December 31, 2024 Current liabilities: Total current liabilities Liabilities Stockholders' Equity 0

re the classified balance sheet for the year ended December 31, 2024. ets: s Receivable Insurance Assets ZIPS STORAGE Balance Sheet December 31, 2024 Current liabilities: Total current liabilities Liabilities Stockholders' Equity 0

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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