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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,600 16,40Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services

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Answer #1

Income statement is prepared using adjusted balances

Income Statement
Revenue
Service Revenue $         214,100
Total Revenue $         214,100
Expenses
Salaries Expense $         133,600
Supplies Expense $             7,300
Property Tax Expense $             9,500
Insurance Expense $             8,000
Total Expenses $         158,400
Net Operating Income $           55,700

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