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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:8-b. Prepare the classified balance sheet for the year ended December 31, 2024.
Current assets:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Total current assets
Long-term assets:
Total assets
Assets
$
ZIPS STORAGE
Balance Sheet
December 31, 2024
0
0
Current liabilities:
Total current liabilities.
Liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
$
0
0
0
![Required information
Problem 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
$24,600
15,400
12,000
148,000
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
$200,000
Credits
$6,700
5,800
143,000
44,500
$200,000
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, $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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a35fd40-cc0e-4bbb-94bf-b4404033e39d%2F14a2b77f-8bf8-4a78-bfa2-6b31fad911e8%2Fghuxvd6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 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
$24,600
15,400
12,000
148,000
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
$200,000
Credits
$6,700
5,800
143,000
44,500
$200,000
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, $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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education