Business, 29.11.2020 14:50 vadrian4739

On January 1, 2021, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,000: Land, $80,000; Deferred Revenue, $7,000: Common Stock $70,000, and Retained Earnings, $45,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $40, eee.
2. May 20 Provide services to customers for cash, $55,000, and on account, $50,000.
3. August 31 Pay salaries to employees for work in 2021, $43, eee.
4. October 1 Purchase rental space for one year, $32,000.
5. November 17 Purchase supplies on account, $42,000.
6. December 30 Pay dividends, $4,200.
The following Information is available on December 31, 2021:
1. Employees are owed an additional $6,000 in salarles.
2. Three months of the rental space has expired.
3. Supplies of $7,000 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 Balance Sheet SE
1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the 'General Journal' tab.
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the year ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare the statement of Stockholder's Equity for the year ended December 31, 2021, in the 'Income Statement' tab.
6. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.
7. Record the closing entries in the 'General Journal tab.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 05:30

The struter partnership has total partners’ equity of $510,000, which is made up of main, capital, $400,000, and frist, capital, $110,000. the partners share net income and loss in a ratio of 80% to main and 20% to frist. on november 1, adison is admitted to the partnership and given a 15% interest in equity and a 15% share in any income and loss. prepare journal entries to record the admission of adison for a 15% interest in the equity and a 15% share in any income and loss under the following independent assumptions. (1) record the admission of adison with an investment of $90,000 for a 15% interest in the equity and a 15% share in any income and loss. (2) record the admission of adison with an investment of $120,000 for a 15% interest in the equity and a 15% share in any income and loss. (3) record the admission of adison with an investment of $80,000 for a 15% interest in the equity and a 15% share in any income and loss.

Answers: 1

Answer

Business, 22.06.2019 18:00

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan

Answers: 2

Answer

Business, 22.06.2019 21:30

Which of the following best explains why online retail companies have an advantage over regular stores? a. their employees make less money because they mostly perform unskilled tasks. b. they are able to keep distribution costs low by negotiating deals with shipping companies. c. their transactions require expensive state-of-the-art technological devices. d. they have a larger number of potential customers because people anywhere can buy from them.

Answers: 1

Answer

Business, 22.06.2019 21:30

Which of the following results in an increase in the standard of living? a. an increase in unemployment pushes down the cost of production. b. wages go up to correct for the inflation of prices. c. income increases, enabling consumers to buy more goods and services. d. rising production costs drive up the price of goods and services.

Answers: 1

Answer

You know the right answer?

On January 1, 2021, Red Flash Photography had the following balances: Cash, $32,000; Supplies, $10,0...

Questions