Question

Grades Wiley Accounting Weekly Updates Question 6 View Policies Show Attempt History Current Attempt in Progress Discussions Conferences Collaborations Your answer is incorrect. WileyPLUS Support Here are incomplete financial statements for Blossom Company Calculate the missing amounts. BLOSSOM COMPANY Balance Sheet Assets Cash $ 13,000 inventory 16,000 Buildings 39,000 $68.000 Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable $5,400 Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity $68.000 BLOSSOM COMPANY Income Statement Revenues $84700 Cost of goods sold Solaries and wages expense 10.430 Net Income BLOSSOM COMPANY Retained Earnings Statement Beginning retained earnings Add: Net Income $18,000 Less Dividends Ending retained earnings 13.00

Answer 1

Balance Shiet Assets Cash Inventory Guilding Total Assek $13,000 16,000 39,000 $68,000 Liabilities and Shckholder's &uity Liabilities Accounts Payable Słockholdets Equity Common Sack Rebained Earnine Total Liabilities andtockholde's Egquily 25,400 29,600 (a) 33,000 (b) 68,000 kebained Earnings of$33,000 from Shalement Eanings. of tilained Common Stock =$68000- 33000 -5400 $29,600

Statement. Ratained Sarning First we will find Net Income from Retained Eanning Statement. $18,000 19,050 Ce) Roginning Rohained faanings Add 8 Net Income Less: Diuidend Retained Earnings Ending 4,050 $ 33,000 33,000 +4050-18000 = 19,050 Net Inome E hut Net Income amount in Income Statement Income Stalement $84,700 $55220 (c) Reuenues () Cost of Goods Sold O Salaries and hages Expense Net 9ncome (0,430 $19050 Cd) Cost of Goods sold 19050+ 10430 -84700 $5,220