On January 1, 2021, Red Flash Photography had the following balances: Cash, $18,000; Supplies, $8,600; Land, $66,000; Deferred Revenue, $5,600; Common Stock $56,000; and Retained Earnings, $31,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $26,000.
2. May 20 Provide services to customers for cash, $41,000, and on account, $36,000.
3. August 31 Pay salaries to employees for work in 2021, $29,000.
4. October 1 Purchase rental space for one year, $18,000.
5. November 17 Purchase supplies on account, $28,000.
6. December 30 Pay dividends, $2,600.
The following information is available on December 31, 2018:1. Employees are owed an additional $4,600 in salaries.2. Three months of the rental space has expired.3. Supplies of $5,600 remain on hand. All of the services associated with the beginning deferred revenue have been performed. Required:
1. Record the transactions that occurred during the year.
2. Record the adjusting entries at the end of the year.
3. Prepare an adjusted trial balance.
4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet.
5. Prepare closing entries.

5. profit maximization and shutting down in the short run suppose that the market for polos is a competitive market. the following graph shows the daily cost curves of a firm operating in this market. 0 2 4 6 8 10 12 14 16 18 20 50 45 40 35 30 25 20 15 10 5 0 price (dollars per polo) quantity (thousands of polos) mc atc avc for each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost. assume that if the firm is indifferent between producing and shutting down, it will produce. (hint: you can select the purple points [diamond symbols] on the previous graph to see precise information on average variable cost.) price quantity total revenue fixed cost variable cost profit (dollars per polo) (polos) (dollars) (dollars) (dollars) (dollars) 12.50 135,000 27.50 135,000 45.00 135,000 if the firm shuts down, it must incur its fixed costs (fc) in the short run. in this case, the firm's fixed cost is $135,000 per day. in other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). this firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per polo.

Complete the sentences. upper a decrease in current income taxes the supply of loanable funds today because it a. decreases; increases disposable income, which decreases saving b. has no effect on; doesn't change expected future disposable income c. decreases; decreases expected future disposable income d. increases; increases disposable income, which encourages greater saving upper a decrease in expected future income a. increases the supply of loanable funds today because households with smaller expected future income will save more today b. has no effect on the supply of loanable funds c. decreases the supply of loanable funds because it decreases wealth d. decreases the supply of loanable funds today because households with smaller expected future income will save less today

The lee family is looking to buy a house in one of two suburban areas just outside of a major city, and air quality is a top priority for them. overall air quality is calculated by taking measures in 100 locations within each suburb and then calculating a measure of central tendency. in one suburb, there is a major bus station that creates very poor air quality at its location but has no impact in the surrounding parts of the suburb. in this situation, which measure of overall suburb air quality would be most useful?