Question

Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Blossom Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,000 9,000 16,200 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense Salaries and Wages Expense 732 Utilities Expense $7,300 4,000 2,200 45,100 15,800 64,300 6,300 726 8,900 56,000 15,300 $129,200 $129,200

list of accounts

Answer 1

BLOSSOM COMPANY
Income Statement
For the Year Ended June 31, 2020
Revenues
Service Revenue	$64,300
Rent Revenue	$6,300
Total Revenues		$70,600
Expenses:
Depreciation Expense	$8,900
Salaries and Wages Expense	$56,000
Utilities Expense	$15,300
Total Expenses		$80,200
Net income / (loss)      [$70,600 - $80,200]		($9,600)

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BLOSSOM COMPANY
Owner's Equity Statement
For the Year Ended June 31, 2020
Owners Capital, August 01, 2019		$45,100
Less:
Net Income / (Loss)	($9,600)
Drawings	($15,800)
		($25,400)
Owners Capital, July, 31, 2020		$19,700

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BLOSSOM COMPANY
Balance Sheet
June 31, 2020
Assets
Current Assets:
Cash	$8,000
Accounts Receivable	$9,000
Total current assets		$17,000
Property, Plant, and Equipment
Equipment	$16,200
Less: Accumulated depreciation - Equipment	($7,300)	$8,900
Total assets		$25,900
Liabilities and Owners Equity
Current liabilities
Accounts Payable	$4,000
Unearned rent revenue	$2,200
Total current liabilities		$6,200
Owners Equity
Owner's Capital    [Owner's Equity Statement]		$19,700
Total Liabilities and Owner's equity            [$6,200 + $19,700]		$25,900