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On January 1,2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land,...

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Accounting

On January 1,2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2024, the company had the following transactions:
February 15 Issue additional shares of common stock, $37,000.
May 20 Provide services to customers for cash, $52,000, and on account, $47,000.
August 31 Pay salaries to employees for work in 2024,$40,000.
October 1 Purchase rental space for one year, $29,000.
November 17 Purchase supplies on account, $39,000.
December 30 Pay dividends, $3,700.
The following information is available on December 31,2024 :
Employees are owed an additional $5,700 in salaries.
Three months of the rental space have expired.
Supplies of $6,700 remain on hand. All other supplies have been used.
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.
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