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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
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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
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