Question 1 Blossom Company, a ski tuning and repair shop, opened on November1, 2016. The company carefully kept track of ll it cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017. Cash Cash Receipts Payments Issuance of common shares $20,800 Payment to purchase repair shop equipment $9,060 Payments to landlord 1,190 Newspaper advertising payment 345 Ubility bill ayments 950 Part-time helper's wage payments 2,250 Income tax payment 10,900 Cash receipts from ski and snowboard repair services 31,100 Subtotals 51,900 24,695 Cash balance 27,205 $51,900 $51,900 Totals The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the begining of each month. The payments to the landlord indluded a security deposit of $170. The part-time helper is owed $445 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Blossom Company $485 for services they have received but have not yet paid for Prepare an accrual-basis income statement for the 6 months ended April 30, 2017. BLOSSOM COMPANY Income Statement For the Six Months Ended April 30, 2017 Revenues 31585 Service Revenue Expenses 906 Depreciation Expense Advertising Expense 345 Utilities Expense 950 Salaries and Wages Expense 2695 10900 Income Tax Expense 1020 Rent Expense Total Expenses 16816 14769 Net Income /(Loss) BLOSSOM COMPANY Balance Sheet Assets A LA Liabilities and Stockholders' Equity $