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Can you please tell me what am I missing here? Because the teacher said this: '' The balance sheet is missing one of the current
Can you please tell me what am I missing here? Because the teacher said this: ''
The balance sheet is missing one of the current assets. This makes total current assets and total assets incorrect.
And check your retained earnings number. The balance sheet does not balance.'' I just can't figure out. Please, can you help me?
Check my work On January 1, 2021, Red Flash Photography had the following balances: Cash, $24,0000; Supplies, $9,200; Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $32,eee. 20 Provide services to customers for cash, $47,eee, and on account, $42,00e. 31 Pay salaries to employees for work in 2021, $35,e00 1 Purchase rental space for one year, $24,e0e. 2. May 3. August 4. October 5. November 17 Purchase supplies on account, $34,0ee 6. December 30 Pay dividends, $3,20e. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,200 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Daldnce Snee As of January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Accounts Payable 34,00 Cash 40,800 Supplies 6,200 Salaries Payable 5,20 Prepaid Rent 18,000 C Total Current Liabilities 39,20 0 Total Liabilites 39,20 Total Current Assets 65,000 Stockholder's Equity Long-term Assets: Land 72,000 Common Stock 94,00 Retained Earnings (43,200 Total Stockholders' Equity 0 50,80 137,000 90,00 Total Assets Total Liabilities & Stockholders' EquityStep by Step Solution
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