Question
You are presented with the following alphabetical list of accounts and balances (in thousands) for Blossom Enterprises Inc. at June 30, 2021. All accounts have
You are presented with the following alphabetical list of accounts and balances (in thousands) for Blossom Enterprises Inc. at June 30, 2021. All accounts have a normal balance. Accounts payable $ 3,000 Income tax payable $ 100 Accounts receivable 2,500 Interest expense 100 Accumulated depreciationbuildings 3,000 Land 12,000 Accumulated depreciationequipment 1,000 Long-term investments 3,000 Buildings 12,000 Mortgage payable, due 2025 12,000 Cash 1,800 Office expense 3,000 Common shares 4,500 Prepaid insurance 600 Dividends declared 1,500 Retained earnings 6,000 Equipment 2,500 Service revenue 22,400 Income tax expense 1,000 Salaries expense 12,000 In addition to this information, common shares in the amount of $ 1,500 were issued during the year and $ 1,250 of the mortgage is currently due. Prepare a statement of income for the year. (Enter amounts in thousands.) BLOSSOM ENTERPRISES INC. Statement of Income $ $ $ Prepare a statement of changes in equity for the year. (Enter amounts in thousands. If an amount reduces the account balance then enter with negative sign or parentheses e.g. (45) or 45.) BLOSSOM ENTERPRISES INC. Statement of Changes in Equity Common Shares Retained Earnings Total Equity $ $ $ $ $ $ Prepare a statement of financial position for the year. (Enter amounts in thousands. List current assets in order of liquidity and Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) BLOSSOM ENTERPRISES INC. Statement of Financial Position Assets $ $ $ $ : $ : $ Liabilities and Shareholders' Equity $ $ $
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