I already got helped with the first three parts. I got advised to repost the question to get the two other parts figured (Income statement and balance sheet)."Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-parts solved, please repost the complete question and mention the sub-parts to be solved."Requirement:4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. The general ledger of Zips Storage at January 1, 2021, Includes the following account balances:AccountsDebitsCreditsCash$ 24,900Accounts Receivable15,700Prepaid Insurance12,600151,000LandAccounts Payable$ 7,000Deferred Revenue6,100Common Stock146, 000Retained Earnings45,100Totals$204, 200$204, 200The following Is a summary of the transactions for the year:1. January2. February 12 Collect on accounts receivable, $51,800.3. Аpril4. Мay5. July6. September 10 Pay on accounts payable, $11,700.7. October8. November 20 Issue shares of common stock in exchange for $30, 000 cash.9. December 30 Pay $3, 100 cash dividends to stockholders.9 Provide storage services for cash, $137,100, and on account, $53,700.25 Receive cash in advance from customers, $13, 200.6 Purchase supplies on account, $9,800.15 Pay property taxes, $8,800.31 Pay salaries, $126,600.Insurance expired during the year is $7,300. Supplies remalning on hand at the end of the year equal $3,200. Provide services of$12,100 related to cash pald in advance by customers.GeneralGeneralIncomeRequirementTrial BalanceBalance SheetJournalLedgerStatementThe balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on thebalance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. DI2,IUU TEiaLeu lu Lasi paiu i auvaIILE Dy CustUITmers.GeneralJournalGeneralIncomeRequirementTrial BalanceBalance SheetLedgerStatementThe balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on thebalance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.Post-closingZips StorageBalance SheetDecember 31, 2021AssetsLiabilitiesCurrent Assets:Current Liabilities:Total Current LiabilitiesStockholders' EquityTotal current assetsLong-term Assets:Total Stockholders' EquityTotal assetsO Total Liabilities and Stockholders' Equity< Income StatementBalance Sheet >< Prev1 of 1Next >

An income statement is a financial report that indicates the revenue and expenses of a business. It…

Answered: remaining sub-parts solved, please…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

I already got helped with the first three parts. I got advised to repost the question to get the two other parts figured (Income statement and balance sheet).

"Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-parts solved, please repost the complete question and mention the sub-parts to be solved."

Requirement:

4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

The general ledger of Zips Storage at January 1, 2021, Includes the following account balances:
Accounts
Debits
Credits
Cash
$ 24,900
Accounts Receivable
15,700
Prepaid Insurance
12,600
151,000
Land
Accounts Payable
$ 7,000
Deferred Revenue
6,100
Common Stock
146, 000
Retained Earnings
45,100
Totals
$204, 200
$204, 200
The following Is a summary of the transactions for the year:
1. January
2. February 12 Collect on accounts receivable, $51,800.
3. Аpril
4. Мay
5. July
6. September 10 Pay on accounts payable, $11,700.
7. October
8. November 20 Issue shares of common stock in exchange for $30, 000 cash.
9. December 30 Pay $3, 100 cash dividends to stockholders.
9 Provide storage services for cash, $137,100, and on account, $53,700.
25 Receive cash in advance from customers, $13, 200.
6 Purchase supplies on account, $9,800.
15 Pay property taxes, $8,800.
31 Pay salaries, $126,600.
Insurance expired during the year is $7,300. Supplies remalning on hand at the end of the year equal $3,200. Provide services of
$12,100 related to cash pald in advance by customers.
General
General
Income
Requirement
Trial Balance
Balance Sheet
Journal
Ledger
Statement
The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the
balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

DI2,IUU TEiaLeu lu Lasi paiu i auvaIILE Dy CustUITmers.
General
Journal
General
Income
Requirement
Trial Balance
Balance Sheet
Ledger
Statement
The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the
balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Post-closing
Zips Storage
Balance Sheet
December 31, 2021
Assets
Liabilities
Current Assets:
Current Liabilities:
Total Current Liabilities
Stockholders' Equity
Total current assets
Long-term Assets:
Total Stockholders' Equity
Total assets
O Total Liabilities and Stockholders' Equity
< Income Statement
Balance Sheet >
< Prev
1 of 1
Next >

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 4 images

SEE SOLUTION Check out a sample Q&A here