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Question 2 View Policies Current Attempt in Progress These items are taken from the financial statements of Blossom Company aBlossom Company Balance Sheet AssetsLiabilities and Stockholders Equity

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To prepare the proper balance sheet need to calculate the ending retained earnings. To calculate the retained earningd December 31, need to calculate the net income. So preparing Income statement, statement of retained earnings and balance sheet.

Blossom Company
Income Statement
For the Year Ended December 31, 2017
Sales revenue $17,934.00
Less:
Insurance expenses $952.00
Depreciation expenses $6,466.00
Interest expenses $3,172.00
Total Expanes $10,590.00
Net Income $7,344.00
Blossom Company
Statement of Retained Earnings
For the Year Ended December 31, 2017
Beginning retained earnings $48,801.00
Add: Net income $7,344.00
Total $56,145.00
Less: Dividend 0
Ending retained earnings $56,145.00
Blossom Company
Balance Sheet
For the Year Ended December 31, 2027
Assets
Current Assets
Cash $14,445.00
Acconus receivable $15,372.00
Prepaid insurance $3,904.00
Total current assets $33,721.00
Non-current Assets
Land $74,664.00
Building $129,076.00
Less: Accumulated depreciation $55,632.00 $73,444.00
Equipment $100,528.00
Less: Accumulated depreciation $22,838.00 $77,690.00
Total non-current assets $225,798.00
Total Assets $259,519.00
Liabilities and Stockholder's equity
Current Liabilities
Accounts payable $11,590.00
Note payable $16,592.00
Interest payable $4,392.00
Total current liabilities $32,574.00
Non-current Liabilities
Non-current portion of notes payable $97,600.00 (114192-16592)
Total Liabilities $130,174.00
Stockholder's Equity
Common stock $73,200.00
Retained earnings $56,145.00
Total stockholder's equity $129,345.00
Total liabilities and stockholder's equity $259,519.00
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