Exercise 4-09 a1,a2-b (Part Level Submission)

Blossom Company ended its fiscal year on July 31, 2020. The companys adjusted trial balance as of the end of its fiscal year is as follows.

Blossom Company Adjusted Trial Balance July 31, 2020
No.		Account Titles		Debit		Credit
101		Cash		$8,000
112		Accounts Receivable		8,500
157		Equipment		15,500
158		Accumulated Depreciation-Equip.				$7,000
201		Accounts Payable				4,000
208		Unearned Rent Revenue				1,500
301		Owners Capital				42,700
306		Owners Drawings		15,500
400		Service Revenue				63,000
429		Rent Revenue				6,000
711		Depreciation Expense		6,500
726		Salaries and Wages Expense		55,700
732		Utilities Expense		14,500
				$124,200		$124,200

(a1)

	Your answer is partially correct. Try again.

Prepare an income statement for the year. (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 July 31, 2020For the Month Ended July 31, 2020July 31, 2020

DrawingsExpensesNet Income / (Loss)Owner's Capital, August 1, 2019Owner's Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues

$

Drawings Expenses Net Income / (Loss) Owner's Capital, August 1, 2019 Owner's Capital, July 31, 2020 Revenues Total Expenses Total Revenues

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, August 1, 2019Owner's Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues

$

Drawings Expenses Net Income / (Loss) Owner's Capital, August 1, 2019 Owner's Capital, July 31, 2020 Revenues Total Expenses Total Revenues

DrawingsExpensesNet Income / (Loss)Owner's Capital, August 1, 2019Owner's Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues

$

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(a2)

Prepare an owners equity statement for the year. Blossom did not make any capital investments during the year.

BLOSSOM COMPANY Owners Equity Statement July 31, 2020For the Year Ended July 31, 2020For the Month Ended July 31, 2020
DrawingsExpensesNet Income / (Loss)Owner's Capital, August 1, 2019Owner's Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues		$
AddLess :
Drawings Expenses Net Income / (Loss) Owner's Capital, August 1, 2019 Owner's Capital, July 31, 2020 Revenues Total Expenses Total Revenues
Drawings Expenses Net Income / (Loss) Owner's Capital, August 1, 2019 Owner's Capital, July 31, 2020 Revenues Total Expenses Total Revenues
DrawingsExpensesNet Income / (Loss)Owner's Capital, August 1, 2019Owner's Capital, July 31, 2020RevenuesTotal ExpensesTotal Revenues		$