On January $1,2024,$ Red Flash Photography had the following balances: Cash, $$13,000$; Supplies, $$8,100$; 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, $$13,000.$

$5.$ November $17$ Purchase supplies on account, $$23,000.$

$6.$ December $30$ Pay dividends, $$2,100.$

The following information is available on December $31,2024$:

Employees are owed an additional $$4,100$ in salaries.

Three months of the rental space have expired.

Supplies of $$5,100$ remain on hand. All other supplies have been used.

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.

Answer rating: 100% (QA)

To prepare the financial statements for Red Flash Photography as of December 31 2024 I will use the ... View the full answer