Question 7 of 8 > - / 1 An alphabetical list of Blossoms Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts lave normal balances $15.500 Notes payable $42.000 14,000 575 Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Prepaid insurance R. Smistad, capital 17.500 65.750 25,450 R. Smistad, drawings 70,000 Cost of goods sold 271.500 Rent expense 24,000 Depreciation expense 7,000 Salaries expenser 50,000 Equipment 35.000 2.250 Salaries payable Sales Furniture 42.000 465.000 3.575 Sales returns and allowances 16.300 Insurance expense 2.100 Supplies 950 Interest Expense 525 Supplies expense 325 Interestable 7035 Uncanned even 2600 Merchandisetor IM 2011 70 -/1 Interest payable Merchandise inventory 525 Supplies expense 6,325 70,350 Unearned revenue 2,600 Additional information: 1. Of the notes payable. $6,000 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18.2021, R. Smistad invested $3,500 cash in the business. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number og -45 or parentheses eg. (45) BLOSSOM COMPANY Income Statement For the Year Ended August 31, 2021 Question 7 of 8 BLOSSOM COMPANY Income Statement For the Year Ended August 31, 2021 Sales Setumad Allowance Notes Costudod Sold Panto D a C O Type here to search Question 7 of 8 > Incepe Tento Supplies Total Pant Om O Type here to Question 7 of 8 -/1 BLOSSOM COMPANY Statement of Owner's Equity For the Year Ended August 2021 Smistad Capital September 1.2020 Add! Investment o O i Type here to search Question 7 of 8 Furniture -/1 BLOSSOM COMPANY Balance Sheet For the Month Ended August 31, 2021 Assets Current Assets Cash $ Merchandise mentory Fricand me Suci 27 AINEI be to sach CHAPTER 5 ASSIGNMENT Question 7 of 8 Property. Plant, and Ecument Equipment Less Accumulated Depreciation Equiment Furniture Less Acume Depreciation Total Property Plant and Equipment Tott Liabilities and Owner's Equity Curate IMG 7C O Type here to search Question 7 of 8 -/1 Liabilities and Owner's Equity Current Liabilities Accounts Payable Unearned Revenue Interest Payable Notes Payable Saab Total Curities M O O De here to search NWP Assessment Bayer A education wiley.com APTER 5 ASSIGNMENT Question 7 of 8 -/1 III Total Current Long term abilities Notes Payable Totatone termiabilities Owners Equity Reistad, Capta Toatia and Owne Equity . e Textbook and Media PU Question 7 of 8 ./1 TII e Textbook and Media Calculate the gross profit margin and profit margin (Round answers to 1 decimal place, 52.7%) Gross profit margin Profit margin e Textbook and Media Attempts of used S. 70 VE 3 & EMS Sorte Type here to search @ O
