Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help! The following are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2020 Cash $36.900 Accounts receivable 32,700

Need help!image text in transcribedimage text in transcribed

The following are the financial statements of Blossom Company. Blossom Company Comparative Balance Sheets December 31 Assets 2020 Cash $36.900 Accounts receivable 32,700 Inventory 29.100 Equipment 59,600 Accumulated depreciation equipment (29,700 Total $128,600 2019 $20,000 18,300 20,000 78,000 (23.000) $113,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,200 26,200 17,200 49,600 $128,600 $16,700 8,200 32,700 13.900 41.800 $113,300 Blossom Company Income Statement For the Year Ended December 31, 2020 Sales revenue $241,500 Cost of goods sold 176,500 Gross profit 65,000 Operating expenses 23,400 Income from operations 41,600 Interest expense 3,400 Income before income taxes 38,200 Income tax expense 7,000 Net income $31,200 Additional data: 1. 2. Dividends declared and paid were $23,400. During the year, equipment was sold for $9,800 cash. This equipment cost $18.400 originally and had a book value of $9.800 at the time of sale. All depreciation expense, $15,300, is in the operating expenses. All sales and purchases are on account. 3. 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signe.g. -15,000 or in parenthesis e.g. (15,000).) Blossom Company Statement of Cash Flows Adjustments to reconcile net income to > $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

Explain how humanistic therapists use the technique of reflection.

Answered: 1 week ago