Business, 19.10.2021 01:00 trint4

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

Show answers

Another question on Business

Business, 22.06.2019 03:00

Match the given situations to the type of risks that a business may face while taking credit.(there's not just one answer)1. beta ltd. had taken a loan from a bankfor a period of 15 years, but its salesare gradually showing a decline.2. alpha ltd. has taken a loan for increasing its production and sales,but it has not conducted any researchbefore making this decision.3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession.4. delphi ltd. has taken a short-term loanfrom the bank, but its supply chain logistics are not in place.a. foreign exchange riskb. operational riskc. term of loan riskd. revenue projections risk

Answers: 1

Answer

Business, 22.06.2019 13:10

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .

Answers: 1

Answer

Business, 22.06.2019 21:30

The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was

Answers: 1

Answer

Business, 22.06.2019 23:00

Investors who put their own money into a startup are known as a. mannequins b. obligators c. angels d. borrowers

Answers: 1

Answer

You know the right answer?

On January 1, 2021, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,00...

Questions