On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,400; Land, $74,000; DeferredRevenue, $6,400; Common Stock $64,000; and Retained Earnings, $39,000. During 2021, the company had the followingtransactions:1. February 15 Issue additional shares of common stock, $34,000.2. Мay3. August4. Оctober5. 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.2. Three months of the rental space has expired.3. Supplies of $6,400 remain on hand.4. All of the services associated with the beginning deferred revenue have been performed. GeneralGeneralIncomeStatement ofRequirementTrial BalanceBalance SheetJournalLedgerStatementSEUsing the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balanceindicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.Post-closingDates: Jan 01to: Dec 31RED FLASH PHOTOGRAPHYStatement of Stockholders' EquityFor the Period Ended December 31, 2021TotalCommonRetainedStockholders'StockEarningsEquity$(3,400)(3,400)$(3,400) $(3,400)%24

Stockholders' equity, also referred to as shareholders' equity, is the remaining amount of assets…

Answered: RED FLASH PHOTOGRAPHY Statement of…

RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Total Common Retained Stockholders' Stock Earnings Equity $ (3,400) (3,400) 0 $ (3,400) $ (3,400) %24

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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Question

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. Мay
3. August
4. Оctober
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.
2. Three months of the rental space has expired.
3. Supplies of $6,400 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

General
General
Income
Statement of
Requirement
Trial Balance
Balance Sheet
Journal
Ledger
Statement
SE
Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance
indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Post-closing
Dates: Jan 01
to: Dec 31
RED FLASH PHOTOGRAPHY
Statement of Stockholders' Equity
For the Period Ended December 31, 2021
Total
Common
Retained
Stockholders'
Stock
Earnings
Equity
$
(3,400)
(3,400)
$
(3,400) $
(3,400)
%24

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