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These items are taken from the financial statements of Blossom Company at December 31, 2022
These items are taken from the financial statements of Blossom Company at December 31, 2022. $28,600 2,000 54,000 15,000 15,500 2,500 Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and Repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment 12,000 13,000 78,000 3,200 1,500 3,100 14,000 2,000 45,000 17,200
Prepare a classified balance sheet as of December 31, 2022. (List Current assets in order of liquidity.) BLOSSOM COMPANY Balance Sheet Assets $ $ $ $
Liabilities and Stockholders' Equity $ $ $
BLOSSOM COMPANY Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, January 1, 2022 ta 28600 Add Net Income / (Loss) $24400 $53000 Less V: Dividends $13000 i Retained Earnings, December 31, 2022 $ 40000
Prepare an income statement for the year ended December 31, 2022. BLOSSOM COMPANY Income Statement For the Year Ended December 31, 2022 Revenues Service Revenue $ 78,000 Expenses Utilities Expense 2,000 i Maintenance and Repairs Expense 1,500 i Depreciation Expense 3,100 i Insurance Expense 2,000 i Salaries and Wages Expense 45,000 Total Expenses 53,600 Net Income /(Loss) 24,400
Expert Solution
Blossom Company.
Balance Sheet As On December 31, 2022.
| ASSETS |
| Equipment | $ 54,000 | |
| Less: Accumulated Depreciation | $( 17,200) | $ 36,800 |
| Cash | $ 15,500 | |
| Prepaid insurance | $ 3,200 | |
| Accounts receivable | $ 14,000 | |
| TOTAL ASSETS | $ 69,500 |
| LIABILITIES AND STOCKHOLDERS EQUITY |
| Accounts payable | $ 15,000 | |
| Salaries and wages payable | $ 2,500 | |
| TOTAL LIABILITIES | $ 17,500 | |
| Common stock | $ 12,000 | |
| Add: Ending retained earnings | $ 40,000 | |
| TOTAL EQUITY | $ 52,000 | |
| TOTAL LIABILITIES AND EQUITY | $ 69,500 |
Net profit is calculated by subtracting all the expenses from revenue.
Net profit = 78,000 - 2,000 - 1,500 - 3,100 - 2,000 - 45,000
Net profit = $ 24,400.
Ending retained earnings = beginning retained earnings + net profit - dividend.
Ending retained earnings = 28,600 + 24,400 - 13,000
Ending retained earnings = $ 40,000.
SUMMARY:
Total assets = Liabilities + equity.
Net profit is already computed and retained earnings also calculated.
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