Question
An analysis of the transactions made by Blossom & Co., a certified public accounting firm, for the month of August is shown below. The expenses
An analysis of the transactions made by Blossom & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $550 for rent, $3,800 for salaries and wages, and $300 for utilities.
Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owners Capital | Owners Drawings | + | Revenues | Expenses | ||||
1. | $14,000 | $14,000 | ||||||||||||||||
2. | 2,000 | $4,000 | $2,000 | |||||||||||||||
3. | 650 | $650 | ||||||||||||||||
4. | 4,600 | $2,900 | $7,500 | |||||||||||||||
5. | 1,000 | 1,000 | ||||||||||||||||
6. | 1,000 | $1,000 | ||||||||||||||||
7. | 550 | $550 | ||||||||||||||||
8. | 350 | 350 | ||||||||||||||||
9. | 3,800 | 3,800 | ||||||||||||||||
10. | 300 | 300 |
Prepare a balance sheet at August 31, 2020. (List Assets in order of liquidity.)
BLOSSOM & CO. Balance Sheet For the Year Ended August 31, 2020For the Month Ended August 31, 2020August 31, 2020 | ||||||
Assets | ||||||
$ | ||||||
Current Assets Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owners Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owners Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owners Equity | $ | |||||
Liabilities and Owners Equity | ||||||
Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners Equity | ||||||
$ | ||||||
Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners Equity | ||||||
Current Assets Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owners Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owners Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owners Equity | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To prepare a balance sheet for Blossom Co as of August 31 2020 we need to list assets liabilities and owners equity which will include reconciling all ...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