Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These items are taken from the financial statements of Blossom Corporation for the year ended December 31, 2021: Retained earnings, January 1 $ 211,000 Cash

These items are taken from the financial statements of Blossom Corporation for the year ended December 31, 2021:

Retained earnings, January 1 $ 211,000
Cash 10,900
Salaries payable 3,000
Utilities expense 2,000
Equipment 56,000
Accounts payable 14,000
Buildings 62,000
Common shares 33,200
Dividends declared 2,000
Service revenue 212,900
Prepaid insurance 1,500
Repairs and maintenance expense 2,300
Land 175,500
Depreciation expense 5,700
Accounts receivable 13,700
Insurance expense 1,700
Salaries expense 119,800
Accumulated depreciationequipment 15,600
Income tax expense 6,000
Supplies 200
Operating expense 39,400
Supplies expense 1,000
Bank loan payable, due 2024 13,000
Trading investments 18,000
Accumulated depreciationbuildings 16,000
Interest expense 1,500
Interest revenue 500

Additional information:

1. Blossom started the year with $ 25,000 of common shares and issued $ 8,200 more during the year.
2. Blossom must pay $ 1,500 of the bank loan payable next year in 2022.

Prepare a statement of financial position for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions

Question

What is the purpose of the EEOC?

Answered: 1 week ago