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
hoa [83]
3 years ago
10

On January 1, 2021, Red Flash Photography had the following balances: Cash, $18,000; Supplies, $8,600; Land, $66,000; Deferred R

evenue, $5,600; Common Stock $56,000; and Retained Earnings, $31,000. During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $26,000.
2. May 20 Provide services to customers for cash, $41,000, and on account, $36,000.
3. August 31 Pay salaries to employees for work in 2021, $29,000.
4. October 1 Purchase rental space for one year, $18,000.
5. November 17 Purchase supplies on account, $28,000.
6. December 30 Pay dividends, $2,600.
The following information is available on December 31, 2018:1. Employees are owed an additional $4,600 in salaries.2. Three months of the rental space has expired.3. Supplies of $5,600 remain on hand.All of the services associated with the beginning deferred revenue have been performed.Required:
1. Record the transactions that occurred during the year.
2. Record the adjusting entries at the end of the year.
3. Prepare an adjusted trial balance.
4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet.
5. Prepare closing entries.
Business
1 answer:
crimeas [40]3 years ago
5 0
29 25 26 or even 55 maybe 27 28
You might be interested in
What is a check endorsement?
e-lub [12.9K]

Answer: Signature included on the front or back of a check acknowledging that both parties have agreed to exchange the specified amount on the document

7 0
3 years ago
Read 2 more answers
Roselawn Company reported net sales of $90,000 and net income of $18,000 for the previous year ended December 31. The company re
gregori [183]

Answer:

The company’s profit margin for the current year ended December 31 (rounded to the nearest decimal point) is 20%

Explanation:

Use the following formula to calculate the Profit Margin

Profit Margin = \frac{Net Income}{Net Sales} X 100

Where

Net Income = $20,000

Net Sales = $100,000

Placing values in the formula

Profit Margin = \frac{20000}{100000} X 100

Profit Margin = 0.2 x 100

Profit Margin = 20%

5 0
2 years ago
When a tariff is imposed on a​ foreign-produced product, domestic producers receive a​ ________ price and domestic consumers pay
Fittoniya [83]

Answer: decreased , lesser .

Explanation:

Tariffs are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers . Governments may impose tariffs to raise revenue or to protect domestic industrie especially from foreign competition.

7 0
3 years ago
A group of researchers wanted to determine if people will eat more food in a room with red paint and red decorations than in a r
GREYUIT [131]

I guess the correct answer is the color of the decorations in the room

A group of researchers wanted to determine if people will eat more food in a room with red paint and red decorations than in a room that is decorated blue. Half the participants in this study ate in a red room and half ate in a blue room. The researchers then measured how much food was consumed in each of the two rooms. In this study, the independent variable was  the color of the decorations in the room.

3 0
2 years ago
Chambersburg Corp Between 2016 and 2017, Chambersburg sold some equipment that had an original cost of $57,500 . Which statement
DedPeter [7]

Answer:

<em>Detailed Question lifted from google: </em>

<em>Use the information presented below for Chambersburg Corp for 2017 and </em>

<em>2016 to answer the questions that follow. Chambersburg uses the straight-line depreciation method. 2017 2016 Property, plant, and equipment $ 250,000 $190,000 Accumulated depreciation 100,000 85,000 Depreciation expense 62,500 47,500 Net sales 1,000,000 900,000 Average Total assets 625,000 475,000 Refer to the information for</em>

<em>Chambersburg Corp Between 2016 and 2017, Chambersburg sold some equipment that had an original cost of $57,500 . Which statement is most likely true concerning transactions that must have occurred during the period? </em>

<em>a. Chambersburg also purchased additional equipment during the year. </em>

<em> b. The selling price of the equipment sold was reported with net sales. </em>

<em> c. The equipment that was sold had a book value of $12,500. </em>

<em> d. The equipment sold had not been reported with Chambersburg's property, plant and equipment.</em>

<em />

The only applicable answer based on the question is A, <em>Chambersburg also purchased additional equipment during the year. </em>

Explanation:

A. Between 2016 and 2017 <em>Property, plant, and equipment increased by $60,000 (which is $250,000 minus $190,000)</em>

<em />

B. Between 2016 and 2017 Depreciation expense on <em>Property, plant, and equipment increased by $15,000 (which is $62,500 minus $47,500)</em>

<em />

<em>Meaning attributable depreciation to the new addition to PPE of $60,000 is actually $15,000.</em>

<em />

<em />

<em />

<em />

<em />

<em />

<em />

3 0
3 years ago
Other questions:
  • An airline company that changes its logo is using which of the following strategies to keep up revenue in the maturity stage?
    6·1 answer
  • Quince products is a small company in southern california that makes jams and preserves. recently, a sales rep from one of the c
    7·1 answer
  • Assume that the economy is in a recession and there is a budget deficit. A strict balanced-budget rule that would require the Fe
    5·1 answer
  • Herc Co.’s inventory at December 31, Year 1, was $1.5 million based on a physical count priced at cost, and before any necessary
    12·1 answer
  • Opportunity cost is:
    6·1 answer
  • Jeff, an employee at Citrus Inc., hears about a change in the company's leave policy from one of his coworkers and shares this i
    13·1 answer
  • Utica Company has offered to supply Kingston's entire annual requirements of the part for $53 each. If Kingston buys the part fr
    5·1 answer
  • Chancellor Ltd. sells an asset with a $1 million fair value to Sophie Inc. Sophie agrees to make six equal payments, each to be
    8·1 answer
  • Six acres of prime undeveloped property are sold for $2.25 per square foot. how much did the buyer pay?
    11·1 answer
  • under a - or lump-sum, agreement, the contractor agrees to perform all work specified in the contract at a known cost.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!