Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I really do not know about these 2 pictures Could you please answer for me? On January 1, 2021, Red Flash Photography had the following
I really do not know about these 2 pictures
Could you please answer for me?
On January 1, 2021, Red Flash Photography had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2021, the company had the following transactions . February 15 ssue addit ional shares of common stock, $35, 000. 2. May20 Provide services to customers for cash, $50,000, and on account, $45, 000 3. August 31 Pay salaries to employees for work in 2021, $38,000. 4. October 1 Purchase rent al space for one year, $27,000 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, 2021 1. Employees are owed an additional $5,500 in salaries 2. Three months of the rental space has expired. . Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. General Journal General Ledger IncomeStatement of Requirement Trial Balance Statement Balance Sheet SE Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. ost-closing Dates: Jan 01 to: Dec 31 RED FLASH PHOTOGRAPHY Balance Sheet As of January 31, 2021 Assets Liabilities urrent Assets Current Liabilities 37,000 5,500 Cash Accounts Receivable Prepaid Rent Supplies 43,500 Accounts Payable 45,000 Salaries Payable 20,250 Interest Payable 6,500 Deferred Re venue Total Current Liabilities 42,500 Total Current Assets 115,250 Total Liabilites 42,500 ong-term Assets Stockholder's Equity 75,000 Common Stock Land Equipment Land 100,000 47,750 0Retained Earnings 75,000 Total Stockholders' Equity 147,750 Total Assets $265,250Total Liabilities & Stockholders' Equity S 190,250 Statement of Balance Sheet General Journal General Ledger Income Requirement Trial BalanceStatement SE Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post-closing RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues Service Revenue Total Revenue Expenses: Salaries Expense Rent Expense Supplies Expense Total Expenses Trial Balance Statement of SE > On January 1, 2021, Red Flash Photography had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During 2021, the company had the following transactions . February 15 ssue addit ional shares of common stock, $35, 000. 2. May20 Provide services to customers for cash, $50,000, and on account, $45, 000 3. August 31 Pay salaries to employees for work in 2021, $38,000. 4. October 1 Purchase rent al space for one year, $27,000 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, 2021 1. Employees are owed an additional $5,500 in salaries 2. Three months of the rental space has expired. . Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. General Journal General Ledger IncomeStatement of Requirement Trial Balance Statement Balance Sheet SE Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. ost-closing Dates: Jan 01 to: Dec 31 RED FLASH PHOTOGRAPHY Balance Sheet As of January 31, 2021 Assets Liabilities urrent Assets Current Liabilities 37,000 5,500 Cash Accounts Receivable Prepaid Rent Supplies 43,500 Accounts Payable 45,000 Salaries Payable 20,250 Interest Payable 6,500 Deferred Re venue Total Current Liabilities 42,500 Total Current Assets 115,250 Total Liabilites 42,500 ong-term Assets Stockholder's Equity 75,000 Common Stock Land Equipment Land 100,000 47,750 0Retained Earnings 75,000 Total Stockholders' Equity 147,750 Total Assets $265,250Total Liabilities & Stockholders' Equity S 190,250 Statement of Balance Sheet General Journal General Ledger Income Requirement Trial BalanceStatement SE Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post-closing RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues Service Revenue Total Revenue Expenses: Salaries Expense Rent Expense Supplies Expense Total Expenses Trial Balance Statement of SE >Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started