On January 1, 2024, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,000; Land, $80,000; Deferred Revenue, $7,000; Common Stock $70,000; and Retained Earnings, $45,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $40,000. Provide services to customers for cash, $55,000, and on account, $50,000. Pay salaries to employees for work in 2024, $43,000. Purchase rental space for one year, $32,000. Purchase supplies on account, $42,000. 1. February 15 2. May 20 3. August 31 4. October 1. 5. November 17 6. December 30 Pay dividends, $4,000. The following information is available on December 31, 2024: 1. Employees are owed an additional $6,000 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $7,000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below.

On January 1, 2024, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,000; Land, $80,000; Deferred Revenue, $7,000; Common Stock $70,000; and Retained Earnings, $45,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $40,000. Provide services to customers for cash, $55,000, and on account, $50,000. Pay salaries to employees for work in 2024, $43,000. Purchase rental space for one year, $32,000. Purchase supplies on account, $42,000. 1. February 15 2. May 20 3. August 31 4. October 1. 5. November 17 6. December 30 Pay dividends, $4,000. The following information is available on December 31, 2024: 1. Employees are owed an additional $6,000 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $7,000 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below.

Name: On January 1, 2024, Red Flash Photography had the following balances:
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Description: On January 1, 2024, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,000; Land,$80,000; Deferred Revenue, $7,000; Common Stock $70,000; and Retained Earnings, $45,000. During 2024, thecompany had the following transacti

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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At the beginning of 2024, a company reported a balance in common stock of $155,000 and a balance in retained earnings of $55,000. During the year, the company issued additional shares of stock for $45,000, earned net income of $35,000, and paid dividends of $10,500. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets $53,100 11,400 26,500 225,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Liabilities Accounts payable Utilities payable Salaries payable Notes payable $9,100 3,400 4,000 20,000
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