Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Adjustment data: 1. Supplies on hand totaled $2,600. 2. Depreciation is $13,000 on the equipment. 3. Interest of $5,000 is accrued on notes payable at
Adjustment data:
1. | Supplies on hand totaled $2,600. | |
2. | Depreciation is $13,000 on the equipment. | |
3. | Interest of $5,000 is accrued on notes payable at November 30. | |
4. | Inventory actually on hand is $43,900. |
The trial balance of Blossom Company contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Blossom Company Trial Balance November 30, 2019 Credit Debit $ 8,700 29,800 44,200 6,200 130,000 $ 27,000 52,000 47,300 45,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Freight-Out Rent Expense 12,500 756,000 8,800 497,000 139,600 24,300 13,900 11,600 16,700 24,000 $967,300 Totals $967,00 $967,300 Prepare an retained earnings statement for the year. Blossom Company Retained Earnings Statement For the Year Ended November 30, 2022 Retained Earnings, December 1, 2021 A $ Add : Net Income /(Loss) $ Dividends Retained Earnings, November 30, 2022 $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started