Business, 25.02.2020 19:59 YeetMyFeet

On January 1, 2021, Red Flash Photography had the following balances:
Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000.

During 2021, the company had the following transactions:

(1) February 15 Issue additional shares of common stock, $24,000.
(2) May 20 Provide services to customers for cash, $39,000, and on account, $34,000.
(3) August 31 Pay salaries to employees for work in 2021, $27,000.
(4) October 1 Purchase rental space for one year, $16,000.
(5) November 17 Purchase supplies on account, $26,000.
(6) December 30 Pay dividends, $2,400.

The following information is available on December 31, 2021:
Employees are owed an additional $4,400 in salaries.
Three months of the rental space has expired.
Supplies of $5,400 remain on hand.
All of the services associated with the beginning deferred revenue have been performed. .

Prepare an adjusted trial balance.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 18:00

If you would like to ask a question you will have to spend some points

Answers: 1

Answer

Business, 22.06.2019 19:20

Royal motor corp. generates a major portion of its revenues by manufacturing luxury sports cars. however, the company also derives an insignificant percent of its annual revenues by selling its sports merchandise that includes apparel, shoes, and other accessories under the same brand name. which of the following terms best describes royal motor corp.? a. aconglomerate b. a subsidiary c. adominant-businessfirm d. a single-business firm

Answers: 1

Answer

Business, 22.06.2019 20:00

During the month of march 2017, weimar world, a tax-preparation service, had the following transactions. * billed $496,000 in revenues on credit * received $164,000 from customers' accounts receivable * incurred expenses of $194,000 but only paid $87,700 cash for these expenses * prepaid $32,220 for computer services to be used next month what was the company's accrual basis net income for the month? select one: a. $302,000 b. $264,080 c. $ 41,860 d. $408,300 e. none of the above

Answers: 3

Answer

Business, 22.06.2019 22:10

Scoresby co. uses 6 machine hours and 2 direct labor hours to produce product x. it uses 8 machine hours and 16 direct labor hours to produce product y. scoresby's assembly and finishing departments have factory overhead rates of $240 per machine hour and $160 per direct labor hour, respectively. how much overhead cost will be charged to the two products? a. product x = $1,440; product y = $2,560 b. product x = $1,760; product y = $4,480 c. product x = $3,200; product y = $9,600 d. product x = $800; product y = $800

Answers: 1

Answer

You know the right answer?

On January 1, 2021, Red Flash Photography had the following balances:
Cash, $16,000; Supplies...

Questions