1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
What is the deadline within which HUD must complete a discrimination investigation once a complaint is received
goldenfox [79]

two (2) years of the most recent date of alleged discriminatory action.

What is HUD ?

The United States government's Department of Housing and Urban Development (HUD) was established in 1965 as a part of then-President Lyndon Johnson's Great Society program to broaden the nation's welfare state. Its main goal is to increase chances for affordable homeownership in order to strengthen the inner-city housing market and homeownership.

The goals of HUD's programs are to expand safe and inexpensive rental options, decrease chronic homelessness, combat housing discrimination by providing equitable access to the rental and purchase markets, and assist disadvantaged groups.

The U.S. government's Department of Housing and Urban Development (HUD) promotes neighborhood growth and house ownership.

Based on sex, race, color, national origin, religion, family status, and disabilities, the Fair Housing Act outlaws discrimination in housing.

Learn more about HUD with the help of given link:-

brainly.com/question/10405416

#SPJ4

8 0
2 years ago
18. Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain.19. Which is larger, th
Dimas [21]
The income effect because you’ll gain more money personally and the substitution effect is about everybody in the building getting a “fair share”.
8 0
3 years ago
If contracting a vendor for multiple locations, particularly over a wide geographic area, the most important factor would be
OLga [1]

Criteria in contracting a vendor are:

<span> Years in business Ability to constantly supply products. Ability to supply complete requirements. Flexibility to allow changes in orders or product lines. Substantial catalogue of products. Has staff that can answer questions you may have. Testimonials and references. Sustainability and financial stability. Prices. Delivery times. Terms of business. Customer service. </span>

<span>The most important factor to consider in contracting a vendor for multiple locations would be delivery times. </span><span>You need assurance that deliveries can be made where and when you want them.</span>

5 0
3 years ago
5. Renew It, Inc, is preparing to pay its first dividend. It is going to pay $0.45, $0.60, and $1 a share over the next three ye
solong [7]

Answer:

$10.14

Explanation:

We need to first find the perpetual stock's worth after 3 years.

The formula would be:

P=\frac{D}{r}

Where

P is price of stock

D is the indefinite dividend worth

r is the rate of return you want

So, it will be:

P_3=\frac{1.25}{0.108}=11.57

Now, we want the stock's worth (in total) for the scenario:

The formula would be:

P=\sum (\frac{D}{(1+r)^t} +\frac{D+P_3}{(1+r)^t}

So, we take individual 3 years, remembering to add the P_3 to the last year (Year 3).

So, we have:

P=\frac{0.45}{1+0.108^1}+\frac{0.6}{(1+0.108)^2}+\frac{1+11.57}{(1+0.108)^3}=10.14

<u>The stock is worth $10.14</u>

8 0
3 years ago
Why would you use cell names in formulas instead of numbers?
Ulleksa [173]
For easy- correction and accessibility. <span>If you use constant values in your formulas then they are not flexible to a change in the values of the </span>data<span>. Example: Spreadsheet</span>
8 0
3 years ago
Other questions:
  • Coca Cola embarked on a program to replenish all of the water it uses in drinks and made good on its promise five years early th
    9·1 answer
  • Bryan Houlberg expects his C corporation to generate a profit of $200,000. What is Bryan's after-tax cash flow from the corporat
    6·1 answer
  • You purchase one IBM July 120 put contract for a premium of $5 (per share). You hold the option until the expiration date when I
    7·1 answer
  • Two car manufacturers, Saab and Volvo, have fixed costs of $1 billion and marginal costs of $10,000 per car. If Saab produces 50
    12·1 answer
  • HELP PLEASE NOW!!!!!List the four stages of ability development. Provide an example of a person developing a specific ability. W
    6·1 answer
  • In a small, closed economy, national income (GDP) is $ 500.00 million for the current month. Individuals have spent $ 300.00 mil
    14·1 answer
  • Solomon Services Company has 69 employees, 29 of whom are assigned to Division A and 40 to Division B. Solomon incurred $413,310
    7·1 answer
  • The following information was taken from the 2021 financial statements of Waterway Industries: Bonds payable, January 1, 2021 $
    6·1 answer
  • Your right to at least a portion of the benefits you have accrued under an employer pension plan is called
    12·1 answer
  • Whenever price is ______ average variable costs but is ______ average total costs, the firm can pay part, but not all, its fixed
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!