Don't give answer in image format Required information[The following information applies to the questions displayed below.]On January 1, 2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000;Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2024, the company had thefollowing transactions:Issue additional shares of common stock, $37,000.Provide services to customers for cash, $52,000, and on account, $47,000.Pay salaries to employees for work in 2024, $40,000.Purchase rental space for one year, $29,000.1. February 152. May 203. August 314. October 15. November 17 Purchase supplies on account, $39,000.6. December 30 Pay dividends, $3,700.The following information is available on December 31, 2024:1. Employees are owed an additional $5,700 in salaries.2. Three months of the rental space have expired.3. Supplies of $6,700 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.

Name: Don't give answer in image format Required information[The following i
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Don't give answer in image format Required information[The following information applies to the questions displayed below.]On January 1, 2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000;Deferred R

Income statement is one of the financial statements that shows profitability, total revenue and…

Business

Accounting

Required information [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 3. August 31 4. October 1 Issue additional shares of common stock, $37,000. Provide services to customers for cash, $52,000, and on account, $47,000. Pay salaries to employees for work in 2024, $40,000. Purchase rental space for one year, $29,000. Purchase supplies on account, $39,000. 5. November 17 6. December 30 Pay dividends, $3,700. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,700 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,700 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.