Blossom Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2020 an analysis of the
accounts and discussions with company officials revealed the
following information:
| Sales revenue | $1,219,000 | ||
| Discontinued operations loss (net of tax) | 56,700 | ||
| Selling expenses | 127,200 | ||
| Cash | 60,100 | ||
| Accounts receivable | 89,700 | ||
| Common stock | 200,000 | ||
| Cost of goods sold | 696,800 | ||
| Accumulated depreciation-machinery | 183,600 | ||
| Dividend revenue | 7,800 | ||
| Unearned service revenue | 4,800 | ||
| Interest payable | 1,200 | ||
| Land | 374,000 | ||
| Patents | 105,000 | ||
| Retained earnings, January 1, 2020 | 288,210 | ||
| Interest expense | 17,300 | ||
| Administrative expenses | 171,200 | ||
| Dividends declared | 27,400 | ||
| Allowance for doubtful accounts | 5,500 | ||
| Notes payable (maturity 7/1/23) | 186,000 | ||
| Machinery | 459,000 | ||
| Materials | 40,600 | ||
| Accounts payable | 64,60 |
The amount of income taxes applicable to income was $64,290,
excluding the tax effect of the discontinued operations loss which
amounted to $24,300. 
Homework Answers
ANSWER
|
Blossom Corporation Statement of retained earnings as at December 31, 2020 |
||
| Retained earnings as at Jauary 1, 2020 | $288,210 | |
| Net income for the year | $93,310 | |
| Dividends declared | -$27,400 | |
| Retained earnings as at December 31, 2020 | $354,120 |
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Blossom Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2020 an...
Blossom Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an...
Blossom Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2020 an analysis of the
accounts and discussions with company officials revealed the
following information:
Sales revenue
$1,219,000
Discontinued operations loss (net of tax)
56,700
Selling expenses
127,200
Cash
60,100
Accounts receivable
89,700
Common stock
200,000
Cost of goods sold
696,800
Accumulated depreciation-machinery
183,600
Dividend revenue
7,800
Unearned service revenue
4,800
Interest payable
1,200
Land
374,000
Patents
105,000
Retained earnings, January 1, 2020
288,210
Interest expense...
Financial Statements Jane Corporation's capital structure consists of 50,000 shares of common stock. At December 31,...
Financial Statements Jane Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2017 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Uneamed service revenue Interest payable Land $1,500,000 63,360 120,000 60,000 90,000 133,500 700,000 180,000 12,000 Retained earnings, January 1, 2017 Interest expense Administrative expenses Dividends declared...
Weida Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2000, account...
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The following information was taken from the records of Blossom Inc for the year 2020: Income...
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Blossom Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2020 an analysis of the
accounts and discussions with company officials revealed the
following information:
Sales revenue
$1,219,000
Discontinued operations loss (net of tax)
56,700
Selling expenses
127,200
Cash
60,100
Accounts receivable
89,700
Common stock
200,000
Cost of goods sold
696,800
Accumulated depreciation-machinery
183,600
Dividend revenue
7,800
Unearned service revenue
4,800
Interest payable
1,200
Land
374,000
Patents
105,000
Retained earnings, January 1, 2020
288,210
Interest expense...
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income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
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In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
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