Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

12th edition

77862228, 978-1259283567, 1259283569, 978-0077862220

More Books

Students also viewed these Accounting questions

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago

Question

What was the nature of the bailment relationship in this situation?

Answered: 1 week ago