Required information [The following information applies to the questions displayed below.) 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: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 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 rental 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. 3. Supplies of $6,500 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. Complete this question by entering your answers in the tabs below. Income Stmt of Stockholders Balance Sheet Statement Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses Stmt of Stockholders Equity> 4. Prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders Equity Balance at January 1 Balance at December 31 Check my 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet. RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2021 Assets Liabilities Current assets Current liabilities: Total current liabilites Total current assets Long-term assets Stockholder's Equity Total stockholders' equity Total liabilities and stockholders' equily Total assets Stmt of Stockholders Equity Required information [The following information applies to the questions displayed below.) 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: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 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 rental 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. 3. Supplies of $6,500 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. Complete this question by entering your answers in the tabs below. Income Stmt of Stockholders Balance Sheet Statement Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses Stmt of Stockholders Equity> 4. Prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders Equity Balance at January 1 Balance at December 31 Check my 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet. RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2021 Assets Liabilities Current assets Current liabilities: Total current liabilites Total current assets Long-term assets Stockholder's Equity Total stockholders' equity Total liabilities and stockholders' equily Total assets Stmt of Stockholders Equity
