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I've already completed the income statement and adjusted trial balance, so just this please Blossom Company Income Statement January 31, 2020 Sales Revenues 28000 Cost
I've already completed the income statement and adjusted trial balance, so just this please
Blossom Company Income Statement January 31, 2020 Sales Revenues 28000 Cost of Goods Sold (18,100) Gross Profit / (Loss) 9,900 Operating Expenses Service Charge Expense 30 $ Bad Debt Expense 746 Supplies Expense 800 Other Operating Expenses 3000 Total Operating Expenses (4594) Income From Operations 5306 Other Revenues and Gains Interest Revenue 28 Net Income / (Loss) 5334 Comprehensive Problem 8 a-b, c1-c3 (Part Level Submission) Blossom Company's balance sheet at December 31, 2019, is presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Blossom Company Balance Sheet December 31, 2019 $14,700 Accounts payable 19,800 Common stock (900) Retained earnings 9,000 $42,600 $8,900 18,500 15,200 $42,600 During January 2020, the following transactions occurred. Blossom uses the perpetual inventory method. Jan. 1 3 8 11 15 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's $4,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation ($500) and Goza Company ($300). Blossom purchased $15,000 of inventory on account. Blossom sold for $27,000 on account inventory that cost $17,300. Blossom sold inventory that cost $800 to Mark Lauber for $1,000. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected $22,400 from customers on account. Blossom paid $17,000 on accounts payable. Blossom red payment in full ($300) from Goza Company on the account written off on January 3. Blossom purchased supplies for $1,400 cash. Blossom paid other operating expenses, $3,000. 17 21 24 27 31 Adjustment data: 1. 2. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2020, accounts receivable. A count of supplies on January 31, 2020, reveals that $600 remains unused. 3. Prepare a retained earnings statement for the month ending January 31, 2020. (R to 0 decimal places, e.g. 5,275.) Blossom Company Retained Earnings StatementStep by Step Solution
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