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Blossom Ltd. had the following transactions in its first month of operations: 1. Issued 19,000 common shares in exchange for $95,000 cash. 2. Took out
Blossom Ltd. had the following transactions in its first month of operations: 1. Issued 19,000 common shares in exchange for $95,000 cash. 2. Took out a $25,100 loan from the bank. 3. Paid $26,300 to purchase inventory. 4. Equipment costing $40,200 was purchased for $9,300 cash, with the balance on account. 5. Made sales of $52,400 to customers, with $14,100 being cash sales and the balance on account. 6. The cost of the inventory sold to customers was $20,000. 7. Paid employee wages totalling $6,500. 8. Operating expenses of $2,900 were paid during the month. 9. Deprecation of $800 was recorded for the month. 10. Dividends of $950 were declared and paid during the month. Calculate the following amounts for the month: (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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