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On January 1, 2024, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,11 Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained
On January 1, 2024, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,11 Land, \$61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account, $31,000, 3. August 31 Pay salaries to employees for work in 2024, $24,000. 4. October 1 Purchase rental space for one year, $13,0. 5. November 17 Purchase supplies on account, $23,600. 6. December 30 Pay dividends, $2,100. The following information is avallable on December 31,2024 : 1. Employees are owed an additional $4,100 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5.100 remain on hand. All other supplies have been used. 4 All of the services associated with the beginning deferred revenue have been performed. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2024 \begin{tabular}{|l|l|l|l|} \hline Balance at January 1 & Common stock \\ \hline \end{tabular}
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