$10$

$!$

$10$

points

eBook

References

Required information

$[$The following information applies to the questions displayed below.$]$

On January $1,2026,$ Red Flash Photography had the following balances: Cash, $$14,000$; Supplies, $$8,200$; Land, $$62,000$; Deferred Revenue, $$5,200$; Common Stock $$52,000$; and Retained Earnings, $$27,000.$ During $2026,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$22,000.$

May $20$ Provide services to customers for cash, $$37,000,$ and on account, $$32,000.$

August $31$ Pay salaries to employees for work in $2026,$ $$25,000.$

October $1$ Purchase rental space for $1$ year, $$14,000.$

November $17$ Purchase supplies on account, $$24,000.$

December $30$ Pay dividends, $$2,200.$

The following information is available on December $31,2026$:

Employees are owed an additional $$4,200$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,200$ remain on hand.

All of the services associated with the beginning deferred revenue have been performed.

Prepare an income statement, statement of stockholders' equity, and classified balance sheet.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Statement of$],[$Stockholders$],[$Equity$]],$Balance Sheet$]]$

Prepare a statement of stockholders' equity.

$\backslash$table$[[$RED FLASH PHOTOGRAPHY$],[$Statement of Stockholders' Equity$],[$For the Year Ended December $31,2026],[,$Common Stock,$\backslash$table$[[$Retained$],[$Earnings$]],\backslash$table$[[$Total$],[$Stockholders$\text{'}],[$Equity$]]],[\backslash$table$[[$Balance at January $1],[$Add Issuance of Common Ctact$]]],[$Add: Issuance of Common Stock$],[\backslash$table$[[$Add Net Income$],[$Add Dividends$]]],[\backslash$table$[[$Add Dividends$],[$Ralance at$]]],[$Balance at December $31,,,]]$