OURCES ed HW Question 1 These financial statement items are for Blossom Company at year-end, July 31, 2020. Salaries and wages payable $1,500 Notes payable (long-term) $1,600 Salaries and wages 51,000 Cash 13,000 expense Utilities expense 22,000 Accounts receivable 9,000 Equipment 29,000 Accumulated depreciation-equipment 5,500 Accounts payable 4,500 Owner's drawings 2,500 Service revenue 60,500 Depreciation expense 3,500 Rent revenue Owner's Capital (beginning of the 8,000 year) 48,400 Study. CALCULATOR PRINTER VERSION BACK Prepare an income statement for the year. The owner did not make any new investments during 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