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can you please solve it accordingly the given boxes Condensed financial data follow for Blossom Ltd. E-Perform reports under ASPE. BLOSSOM LTD. Balance Sheet December
can you please solve it accordingly the given boxes
Condensed financial data follow for Blossom Ltd. E-Perform reports under ASPE. BLOSSOM LTD. Balance Sheet December 31 Assets 2021 2020 Cash $108,440 $49.300 Accounts receivable 80.100 42,400 Inventory 119.900 92.600 Prepaid expenses 38,200 28.800 Long-term investments 129.400 115,400 Property, plant, and equipment 271.800 244.700 Accumulated depreciation (49.800) (50,500 Total assets $698,040 $522,700 Liabilities and Shareholders' Equity Accounts payable $94,100 $79,400 Accrued expenses payable 12.100 7.900 Notes payable 104,200 142,600 Common shares 239.900 177,600 Retained earnings 247.740 115.200 Total liabilities and shareholders' equity $698.040 $522.700 BLOSSOM LTD. Income Statement Year Ended December 31, 2021 Sales $490,300 Cost of goods sold 186,200 Gross profit 304,100 Operating expenses $58,400 Depreciation expense 44.800 Loss on sale of equipment 8.220 111,420 Profit from operations 192,680 Other expenses Interest expense 5.110 Profit before income tax 187,570 Income tax expense 42,400 Profit $145.170 w Additional information: 1. New equipment costing $86,100 was purchased for $29,200 cash and a $56,900 note payable. 2. Equipment with an original cost of $59.000 was sold at a loss of $8,220 3. Notes payable matured during the year and were repaid. 4. A long-term investment was acquired for cash. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a slanaga-15,000 or in parenthesis cs. (15,0001) BLOSSOM LTD. Cash Flow Statement-Indirect Method Adjustments to Reconcile Profit to > 27 >>Step by Step Solution
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