The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,000 16,800 14,800 162,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,100 7,200 157,000 47,300 $219,600 $219,600 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $148, 100, and on account, $59,200. 2. February 12 Collect on accounts receivable, $52,900. 25 Receive cash in advance from customers, $14,300. 4. May 6 Purchase supplies on account, $12,000. 5. July 15 Pay property taxes, $9,900. 6. September 10 Pay on accounts payable, $12,800. 7. October 31 Pay salaries, $137,600. The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $148, 100, and on account, $59,200. 2. February 12 Collect on accounts receivable, $52,900. 3. April 25 Receive cash in advance from customers, $14,300. 4. May 6 Purchase supplies on account, $12,000. 5. July 15 Pay property taxes, $9,900. 6. September 10 Pay on accounts payable, $12,800. 7. October 31 Pay salaries, $137,600. 8. November 20 Issue shares of common stock in exchange for $41,000 cash. 9. December 30 Pay $4,200 cash dividends to stockholders. 8-o. Prepare the income statement for the year ended December 31, 2021 Answer is complete but not entirely correct. ZIPS STORAGE Income Statement For the Year Ended December 31, 2021 Answer is complete but not entirely correct. ZIPS STORAGE Income Statement For the Year Ended December 31, 2021 Service Revenue $ 220,500 0 Expenses: Salaries Expense Insurance Expense Supplies Expense Property Tax Expense $(137,600) (8,400) 7,700 9,900 0 0 Total Expenses Net Income (128,400) $(236,900) The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,000 16,800 14,800 162,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,100 7,200 157,000 47,300 $219,600 $219,600 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $148, 100, and on account, $59,200. 2. February 12 Collect on accounts receivable, $52,900. 25 Receive cash in advance from customers, $14,300. 4. May 6 Purchase supplies on account, $12,000. 5. July 15 Pay property taxes, $9,900. 6. September 10 Pay on accounts payable, $12,800. 7. October 31 Pay salaries, $137,600. The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $148, 100, and on account, $59,200. 2. February 12 Collect on accounts receivable, $52,900. 3. April 25 Receive cash in advance from customers, $14,300. 4. May 6 Purchase supplies on account, $12,000. 5. July 15 Pay property taxes, $9,900. 6. September 10 Pay on accounts payable, $12,800. 7. October 31 Pay salaries, $137,600. 8. November 20 Issue shares of common stock in exchange for $41,000 cash. 9. December 30 Pay $4,200 cash dividends to stockholders. 8-o. Prepare the income statement for the year ended December 31, 2021 Answer is complete but not entirely correct. ZIPS STORAGE Income Statement For the Year Ended December 31, 2021 Answer is complete but not entirely correct. ZIPS STORAGE Income Statement For the Year Ended December 31, 2021 Service Revenue $ 220,500 0 Expenses: Salaries Expense Insurance Expense Supplies Expense Property Tax Expense $(137,600) (8,400) 7,700 9,900 0 0 Total Expenses Net Income (128,400) $(236,900)
