On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000. During 2021, the company had the following transactions:
1. February 15 Issue additional shares of common stock, $30,000.
2. May 20 Provide services to customers for cash, $45,000, and on account, $40,000.
3. August 31 Pay salaries to employees for work in 2021, $33,000.
4. October 1 Paid for one year's rent in advance, $22,000.
5. November 17 Purchase supplies on account, $32,000.
6. December 30 Pay dividends, $3,000.
The following information is available on December 31, 2021:
1. Employees are owed an additional $5,000 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $6,000 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.
Prepare an adjusted trial balance.
Answers: 2
Business, 22.06.2019 08:30
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Business, 22.06.2019 13:00
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Business, 22.06.2019 13:40
Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?
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Business, 22.06.2019 23:30
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On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,00...
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