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[The following information applies to the questions displayed below On January 1, 2018, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land,
[The following information applies to the questions displayed below On January 1, 2018, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000, and Retained Earnings, $25,000. During 2018, the company had the following transactions: 1 February 15 Issue additional shares of common stock, $20,000. 2. May 20 Provide services to customers for cash, $35.000, and on account, $30,000. 3. August 31 Pay salaries to employees for work in 2018, $23,000. r17 D ental space for one yed 000 6. December 30 Pay dividends, $2,000. The following information is available on December 31, 2018: 1 Employees are owed an additional $4,000 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,000 remain on hand. 4. All of the services associated with the beqinning 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 Expenses: Total expenses RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2018 Total Stockholders' Equity Retained Common Stock Earnings Balance at January 1 Balance at December 31 RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2018 Assets Liabilities Current liabilities: Current assets: Total current assets Total current liabilities Long-term assets: Stockholder's Equity Total stockholders' equity Total liabilities and stockholders' equity Total assets
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