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Required information Skip to question The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $
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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 | ||||||
Land | 151,000 | ||||||
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 | 9 | Provide storage services for cash, $137,100, and on account, $53,700. | |||
2. | February | 12 | Collect on accounts receivable, $51,800. | |||
3. | April | 25 | Receive cash in advance from customers, $13,200. | |||
4. | May | 6 | Purchase supplies on account, $9,800. | |||
5. | July | 15 | Pay property taxes, $8,800. | |||
6. | September | 10 | Pay on accounts payable, $11,700. | |||
7. | October | 31 | Pay salaries, $126,600. | |||
8. | November | 20 | Issue shares of common stock in exchange for $30,000 cash. | |||
9. | December | 30 | Pay $3,100 cash dividends to stockholders. |
8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. ZIPS STORAGE Balance Sheet December 31, 2021 Assets Liabilities Current assets: Cash $ 106,800 Current liabilities: Accounts Payable Deferred Revenue s 5,100 19,300 X Accounts Receivable Prepaid Insurance Supplies 17,600 12,600 X 9,800 X 24,400 Total current liabilities Stockholders' Equity Common Stock Retained Earnings 146.800 Total current assets Long-term assets: 176,000 130,900 X 97,500 x 151,000 Total stockholders' equity Total liabilities and stockholders' equity 404,400 $ 428,800 Total assets $ 297,800 ili 8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. ZIPS STORAGE Balance Sheet December 31, 2021 Assets Liabilities Current assets: Cash $ 106,800 Current liabilities: Accounts Payable Deferred Revenue s 5,100 19,300 X Accounts Receivable Prepaid Insurance Supplies 17,600 12,600 X 9,800 X 24,400 Total current liabilities Stockholders' Equity Common Stock Retained Earnings 146.800 Total current assets Long-term assets: 176,000 130,900 X 97,500 x 151,000 Total stockholders' equity Total liabilities and stockholders' equity 404,400 $ 428,800 Total assets $ 297,800 iliStep by Step Solution
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