Business, 21.06.2021 16:10 nila49

On January 1, 2018, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred Revenue, $5,700; Common Stock $57,000; and Retained Earnings, $32,000. During 2018, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $27,000.
2. May 20 Provide services to customers for cash, $42,000, and on account, $37,000.
3. August 31 Pay salaries to employees for work in 2018, $30,000.
4. October 1 Purchase rental space for one year, $19,000.
5. November 17 Purchase supplies on account, $29,000.
6. December 30
Pay dividends, $2,700.
The following information is available on December 31, 2018:
1. Employees are owed an additional $4,700 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $5,700 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.
1February 15Cash27,000Common stock27,0002May 20Cash42,000Accounts receivable37,000Service revenue79,0003August 31Salaries expense30,000Cash30,0004October 01Prepaid rent19,000Cash19,0005November 17Supplies29,000Accounts payable29,0006December 30Dividends2,700Cash2,7007December 31Salaries expense4,700Salaries payable4,7008December 31Rent expensePrepaid rent9December 31Supplies expense30,000Supplies30,00010Decemb er 31Deferred revenue5,700Service revenue5,70011December 31Service revenueRetained earnings12December 31Retained earningsSalaries expenseSupplies expenseRent expense13December 31Retained earnings2,700Dividends2,700

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:20

Aproduction order quantity problem has a daily demand rate = 10 and a daily production rate = 50. the production order quantity for this problem is approximately 612 units. what is the average inventory for this problem?

Answers: 1

Answer

Business, 21.06.2019 21:00

Case in point 2.4 attaway airlines, part two back at attaway airlines, the morning meeting ended with no agreement between dan esposito and molly kinnon. in fact, a new issue arose. molly now says that the new accounting system is entitled to the highest priority because the federal government soon will require the reporting of certain types of company-paid health insurance premiums. because the current system will not handle this report, she insists that the entire accounting system is a nondiscretionary project. as you might expect, dan is upset. can part of a project be nondiscretionary? what issues need to be discussed? the committee meets again tomorrow, and the members will look to you, as the it director, for guidance.

Answers: 1

Answer

Business, 22.06.2019 19:50

Our uncle has $300,000 invested at 7.5%, and he now wants to retire. he wants to withdraw $35,000 at the end of each year, starting at the end of this year. he also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. for how many years can he make the $35,000 withdrawals and still have $25,000 left in the end? a. 14.21b. 14.96c. 15.71d. 16.49e. 17.32

Answers: 1

Answer

Business, 22.06.2019 22:30

Rahm's credit card issuer calculates interest based on the outstanding balance at the end of the last billing period. what is this method of calculating interest on a credit card called?

Answers: 2

Answer

You know the right answer?

On January 1, 2018, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,70...

Questions