On January Red Flash Photography had the following balances: Cash, $; Supplies, $; Land, $; Deferred Revenue, $; Common Stock $; and Retained Earnings, $ During the company had the following transactions:
February Issue additional shares of common stock, $
May Provide services to customers for cash, $ and on account, $
August Pay salaries to employees for work in $
October Purchase rental space for one year, $
November Purchase supplies on account, $
December Pay dividends, $
The following information is available on December :
Employees are owed an additional $ in salaries.
Three months of the rental space have expired.
Supplies of $ 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.
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