Question

On June 1, 2022, Blossom Company was started with an initial investment in the company of $20,500 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash Notes payable $13,380 $5,290 4,360 Accounts receivable Accounts payable Service revenue 8.200 Supplies expense Supplies 2.427 Maintenance and repairs expens Advertising expense Equipment 400 25,000 20,500 Utilities expense Salaries and wages expense Common stock During June, the company issued no additional stock but bald dividends of $

Answer 1

G H $ 8,200 $ $ $ $ $ 5,290 4,360 2,427 25,000 37,077 E F Blossom Company Income Statement for the month ended June 30, 2022 4 Revenue 5 Service Revenue 6 Expense Salaries and wages expense $ 1,500 Advertising expense $ 400 Supplies expense $ 1,300 10 Maintenance and repair expense $ 670 Utilities expense $ 230 12 Total expenses 13 Net Income 14 Blossom Company 16 Statement of Retained Earnings for the month ended June 30, 2022 18 Retained Earning, June 1, 2022 19 Add: Net Income 20 21 Less: Dividends 22 Retained Earnings, June 30, 2022 Blossom Company Balance Sheet as on June 30, 2022 Assets Cash Accounts Receivable Supplies Equipment Total Assets Liabilities and Stockholder's Equity Current Assets Accounts Payable $ 860 Notes Payable $ 13,380 Total Current Liabilities Stockholder's Equity Common Stock $ 20,500 Retained Earnings $ 2,337 Total Stockholder's Equity Total Liabilities and Stockholder's equity $ $ 4,100 4,100 $ 14,240 15 17 $ $ 22,837 37,077 $ . $ 4,100 $ 4,100 $ 1,763 $ 2,337 23

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