On June 1, Sarah Allen started Blossom Designs Co., a company that provides craft opportunities, by investing $13,190cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cash$11,000Service Revenue$6,100Accounts Receivable3,400Advertising Expense400Supplies1,700Rent Expense1,400Equipment10,000Gasoline Expense220Notes Payable9,300Utilities Expense170Accounts Payable1,000

Sarah made no additional investment in June but withdrew $1,300in cash for personal use during the month.

Prepare an income statement for the month of June.

BLOSSOM DESIGNS CO.

Income Statement

June 30, 2020For the Month Ended June 30, 2020For the Year Ended June 30, 2020

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare an owner's equity statement for the month of June.(List items that increase owner's equity first.)

BLOSSOM DESIGNS CO.

Owner's Equity Statement

For the Month Ended June 30, 2020For the Year Ended June 30, 2020June 30, 2020

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

AddLess

:

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

AddLess

:DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare a balance sheet at June 30, 2020.(List Assets in order of liquidity.)

BLOSSOM DESIGNS CO.

Balance Sheet

For the Month Ended June 30, 2020For the Year Ended June 30, 2020June 30, 2020

Assets

$

Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner's EquityTotal AssetsTotal Current AssetsTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner's Equity

$

Liabilities and Owner's Equity

Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner's EquityTotal AssetsTotal Current AssetsTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner's Equity

$

Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner's EquityTotal AssetsTotal Current AssetsTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner's Equity

Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner's EquityTotal AssetsTotal Current AssetsTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner's Equity

Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner's EquityTotal AssetsTotal Current AssetsTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner's Equity

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare an income statement for June assuming the following data are not included above: (1) $950of services were performed and billed but not collected at June 30, and (2) $100of gasoline expense was incurred but not paid.

BLOSSOM DESIGNS CO.

Income Statement

For the Month Ended June 30, 2020For the Year Ended June 30, 2020June 30, 2020

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

DrawingsExpensesNet Income / (Loss)Owner's Capital, June 1Owner's Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments

$