Required information Current assets Accounts Receivable Cash Prepaid Insurance Supplies Total current assets Long-term assets Land Total assets Assets 33 ZIPS STORAGE Balance Sheet December 31, 2024 $ 20,100 111,800 10,800 13,600 156,300 156,000 $ 312,300 Current liabilities: Accounts Payable Deferred Revenue Total current liabilities Common Stock Retained Earnings Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 6,100 6,600 12.700 186,000 99,900 285,900 $ 298,600
Required information Current assets Accounts Receivable Cash Prepaid Insurance Supplies Total current assets Long-term assets Land Total assets Assets 33 ZIPS STORAGE Balance Sheet December 31, 2024 $ 20,100 111,800 10,800 13,600 156,300 156,000 $ 312,300 Current liabilities: Accounts Payable Deferred Revenue Total current liabilities Common Stock Retained Earnings Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 6,100 6,600 12.700 186,000 99,900 285,900 $ 298,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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:
Credits
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
Debits
$25,400
16,200
13,600
156,000
8. November 20
9. December 30
$211,200
The following is a summary of the transactions for the year.
$7,500
6,600
151,000
46,100
$211,200
Pay property taxes, $9,300.
Pay on accounts payable, $12,200.
Pay salaries, $131,600.
Provide storage services for cash, $142,100, and on account, $56,200.
Collect on accounts receivable, $52,300.
Receive cash in advance from customers, $13,700.
Purchase supplies on account, $10,800.
Issue shares of common stock in exchange for $35,000 cash.
Pay $3,600 cash dividends to stockholders.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc678297-555b-46d8-b102-de5b143d75fa%2F4552151b-098b-4203-9dd5-b2e7fc920fb5%2Ft9mshgd_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:
Credits
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
Debits
$25,400
16,200
13,600
156,000
8. November 20
9. December 30
$211,200
The following is a summary of the transactions for the year.
$7,500
6,600
151,000
46,100
$211,200
Pay property taxes, $9,300.
Pay on accounts payable, $12,200.
Pay salaries, $131,600.
Provide storage services for cash, $142,100, and on account, $56,200.
Collect on accounts receivable, $52,300.
Receive cash in advance from customers, $13,700.
Purchase supplies on account, $10,800.
Issue shares of common stock in exchange for $35,000 cash.
Pay $3,600 cash dividends to stockholders.
Transcribed Image Text:Required information
Current assets
Accounts Receivable
Cash
Prepaid Insurance
Supplies
Total current assets
Long-term assets
Land
Total assets
Assets
$
ZIPS STORAGE
Balance Sheet
December 31, 2024
20,100
111,800
10,800
13,600 X
156,300
156,000
$312,300
Current liabilities:
Accounts Payable
Deferred Revenue
Total current liabilities
Common Stock
Retained Earnings
Liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
$
6,100
6,600
12.700
186,000
99,900
285,900
$ 298,600
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