Required information [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 Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Expenses: ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 0 Total Expenses

Required information [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 Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. storage services for cash, $143,100, and on account, $56,700. on accounts receivable, 1. January 9 2. February 12 Provide Collect $52,400. 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,409. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of Common stock in dividends to exchange for $36,000 cash. 9. December 30 Pay $3,700 cash stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Expenses: ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 0 Total Expenses

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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