Question 3

The completed financial statement columns of the worksheet for Blossom Company are shown below.

Blossom Company Worksheet For the Year Ended December 31, 2017
				Income Statement				Statement of Financial Position
Account No.		Account Titles		Dr.		Cr.		Dr.		Cr.
101		Cash						6,444
112		Accounts Receivable						7,450
130		Prepaid Insurance						2,023
157		Equipment						33,902
158		Accumulated DepreciationEquip.								10,743
201		Accounts Payable								11,131
212		Salaries and Wages Payable								3,287
311		Share CapitalOrdinary								20,000
320		Retained Earnings								10,300
332		Dividends						2,166
400		Service Revenue				43,992
622		Maintenance and Repairs Expense		3,529
711		Depreciation Expense		2,880
722		Insurance Expense		1,351
726		Salaries and Wages Expense		35,260
732		Utilities Expense		4,448
		Totals		47,468		43,992		51,985		55,461
		Net Loss				3,476		3,476
				47,468		47,468		55,461		55,461

Prepare an income statement (amounts in U.S. dollars). (If the amount for net income is negative, enter amount with either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)

Prepare retained earnings statement (amounts in U.S. dollars).

Prepare a classified statement of financial position (amounts in U.S. dollars). (List current assets in the reverse order of liquidity.)

Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Post the closing entries and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part.)

Prepare a post-closing trial balance.