An equation analysis of the transactions made during August 2018 (the first month of the fiscal year) by Blossom Corporation is shown below. Each increase and decrease in shareholders' equity is explained. Assets Liabilities Accounts + Receivable Accounts Payable Cash Accum. Dep. + Supplies + Equipment Common Shares + + Jul. 31 Bal. $ 11,700 $ 3,100 $ 100 $ 11,000 $ 660 $ 2,300 $ 21,240 (1) 5.100 + 5,100 (2) (1,000) +5,000 +4,000 (3) (790) +790 (4) 4,100 +5,200 (5) ( 1.300) (1,300) (6) (2,124) (7) (830) (8) +480 (480) (9) (2,700) (10) (170) (11) 1.100 (12) + 480 (13) (420) Shareholders' Equity Retained Earnings Common Shares Dividends Declared + + Bal. + Revenues Expenses Comments $ 21,240 $ 1,700 $0 common shares + 5.100 +9,300 service revenue ) (2,124) dividend (830) rent expense (2,700) (170) salaries expense utilities expense depreciation expense (1.100) (480) advertising expense (420) income tax expense Prepare an income statement for for the month of August 31, 2018. BLOSSOM CORPORATION Income Statement $ $ |