Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred Revenue, $6,100; Common Stock $61,000; and
On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred Revenue, $6,100; Common Stock $61,000; and Retained Earnings, $36,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $31,000. 2. May 20 Provide services to customers for cash, $46,000, and on account, $41,000. 3. August 31 4. October Pay salaries to employees for work in 2021, $34,000. 1 Paid for one year's rent in advance, $23,000. Purchase supplies on account, $33,000. 5. November 17 6. December 30 Pay dividends, $3,100. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,100 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,100 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjustu, u pust-using balances will appear for each account, based on your selection. (Enter all account descriptions, even those with zero balances.) Adjusted RED FLASH PHOTOGRAPHY Balance Sheet As of December 31, 2021 Dates: Jan 01 to: Dec 31 Assets Current Assets: Liabilities Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets Long-term Assets: 0 Total Liabilites 0 Stockholder's Equity 0 0 0 0 Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ < Statement of SE Balance Sheet >
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