W Anment Player Application Question 5 of 7 0.81/13 Blossom Company, a ski tuning and repair shop, opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts $17.400 Cash Payments Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals $9.160 1.225 335 920 2,600 10,600 31,800 49.200 24,840 24,360 $49,200 $49,200 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 beginning of each month. The part-time helper is owed $420 at April 30,2022, for unpaid wages At April 30, 2022, customers owe Blossom Company $400 for services they have received but have not yet paid for. 8 BLOSSOM COMPANY Income Statement April 30, 2022 Revenues Service Revenue 3588 Expenses 1225 i Rent Expense 9160 Depreciation Expense 335 Advertising Expense 920 i Utilities Expense 2600 Salaries and Wages Expense 10600 Income Tax Expense 24840 Total Expenses $ 21252 Net Income /(Loss) Question 5 of 7 0.81 / 1 III Equipment Lesse Accumulated Depreciation Equipment 918 i Total Assets $ Liabilities and Stockholders' Equity Current Liabilities Salaries and Wages Payable Stockholders' Equity Common Stock $ 17400 Retained Earnings 21252 Total Stockholders' Equity Total Liabilities and Stockholders' Equity : eTextbook and Media List of Accounts 008 * stion 5 of 7 0.81/1 111 $ Liabilities and Stockholders' Equity lities I Wages Payable Equity sock 17400 arnings 21252 3852 Iders' Equity -3432 S and Stockholders' Equity eTextbook and Media List of Accounts Attempts: 1 of 2 used Submit Answer Save for Later