Hello please help with this
[The following intormation applies to the questions displayed below.) On January 1, 2018, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; Retained Earnings, $29,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2018, $27,000. 4. October 1Purchase rental space for one year, $16,000. 5. November 17 Purchase supplies on account, $26,000. 6. December 30 Pay dividends, $2,400. The following information is available on December 31, 2018: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,400 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. 3. Prepare an adjusted trial balance. Credit 78,000 RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2018 Accounts Debit Cash $ 33,600 Supplies 5,400 Land 64,000 Common stock Retained earnings Salaries expense 31,400 Salaries payable Accounts receivable 34,000 Service revenue Prepaid rent 12,000 Rent expense 4,000 Supplies expense 29,000 Accounts payable 4,400 78,400 S 26,000 Totals S 213,400 S 186,800 On January 1, 2018, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue $5,400; Common Stock $54,000; Retained Earnings, $29,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 24,000. 2. May 20 Provide services to customers for cash, $39,000, and on account, $34,000. 3. August 31 Pay salaries to employees for work in 2018. $27,000. 4. October 1Purchase rental space for one year, $16,000. 5. November 17 Purchase supplies on account, $26,000. 6. December 30 Pay dividends, $2,400. The following information is available on December 31, 2018: 1. Employees are owed an additional $4,400 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,400 remain on hand. 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. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2018 Service revenue $ 78,400 Expenses: Rent expense Salaries expense Supplies expense 4,000 31,400 29,000 Total expenses Net income 64,400 14,000 $ RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Retained Stock Earnings Balance at January 1 Issuance of common stock Add: Net income Less: Dividends Balance at December 31 Total Stockholders' Equity RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities: 0 Total current liabilities 0 Total current assets Long-term assets: Stockholders' Equity 0 Total stockholders' equity 0 Total Liabilities and Stockholders' Equity Total Assets $ $ 0
