Question

need help with the income statement part

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 $ 7,500 6,600 151,000 46,100 $211,200 Totals $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive cash in advance from customers, $13,700. 4. May 6 Purchase supplies on account, $10,800. 5. July 15 Pay property taxes, $9,300. 6. September 10 Pay on accounts payable, $12,200. 7. October 31 Pay salaries, $131,600. 8. November 20 Issue shares of common stock in exchange for $35,000 cash. 9. December 30 Pay $3,600 cash dividends to stockholders. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers.

Answer 1

Income statement

For the year ended December 31,2021

Revenue
Service revenue		210900
Total revenue		210900
Expense
Property tax expense	9300
Salaries expense	131600
Insurance expense	7800
Supplies expense	7100
Total expense		155800
Net income (loss)		55100