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fiasKO [112]
3 years ago
12

On January 1, 2021, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred R

evenue, $5,500; Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $25,000.
2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000.
3. August 31 Pay salaries to employees for work in 2021, $28,000.
4. October 1 Purchase rental space for one year, $17,000.
5. November 17 Purchase supplies on account, $27,000.
6. December 30 Pay dividends, $2,500.
The following information is available on December 31, 2021:
Employees are owed an additional $4,500 in salaries.
Three months of the rental space has expired.
Supplies of $5,500 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
required:
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.
Business
1 answer:
Sophie [7]3 years ago
7 0

Answer:

izts 16 56 to the 8th semester of October and November watching the dirt

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Date                Units               Cost                    Per Unit Cost

June 1             150 units            $ 1,040               6.93

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As the unit price is increasing the method which yields the highest gross profit would be FIFO.But in some cases the income is overstated as the beginning inventory is too old to account for . Similarly Lifo gives lower net income but that too is not very beneficial when the inventory is almost obsolete.

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Have a nice day! (and 100 pts)
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Thanks for the points!
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