On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. May 3. August 4. October 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. E. Three months of the rental space has expired. E. Supplies of $6,400 remain on hand. . All of the services associated with the beginning deferred revenue have been performed.

On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; Deferred Revenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $34,000. 2. May 3. August 4. October 5. November 17 Purchase supplies on account, $36,000. 6. December 30 Pay dividends, $3,400. 20 Provide services to customers for cash, $49,000, and on account, $44,000. 31 Pay salaries to employees for work in 2021, $37,000. 1 Purchase rental space for one year, $26,000. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,400 in salaries. E. Three months of the rental space has expired. E. Supplies of $6,400 remain on hand. . All of the services associated with the beginning deferred revenue have been performed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023. Assume that the preferred shares are non-cumulative. Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Current assets $ 26,760 40,200 11,140 22,280 9,400 20,600 Required: Prepare a classified balance sheet at December 31, 2023. (Enter all amounts as positive values.) Assets 122,000 79,400 41,600 127,600 34,600 110,200 40,200 28,720 282,100 138,800 SPICER INC. Balance Sheet December 31, 2023 K
Create a Balance sheet for this information given:
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