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and i need a statment of owners equity and a balance sheet also Calculate the gross profit margin and profit margin Question 21 An alphabetical
and i need a statment of owners equity and a balance sheet also Calculate the gross profit margin and profit margin
Question 21 An alphabetical list of Blossoms Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable $15,500 Notes payable $42,000 Accumulated depreciation equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17,500 R. Smistad, capital 65,750 Cash 25,450 R. Smistad, drawings 70,000 Cost of goods sold 271,500 Rent expense 24,000 Depreciation expense 7,000 Salaries expense 50,000 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 465,000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2,100 Supplies 950 Interest payable 525 Supplies expense 6,325 Merchandise inventory 70,350 Unearned revenue 2,600 Additional information: 1. Of the notes payable, $6,000 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $3,500 cash in the business. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOM COMPANY Income Statement For the Year Ended August 31, 2021 Sales Less Net SalesStep by Step Solution
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