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10 December, 10:51

The following information is available for Blossom Company:

Accounts receivable $2,100

Cash $6,390

Accounts payable 4,500

Supplies 3,800

Interest payable 670

Unearned service revenue 820

Salaries and wages expense 4,800

Service revenue 40,900

Notes payable 31,500

Salaries and wages payable 830

Common stock 58,900

Depreciation expense 670

Inventory 2,920

Equipment (net) 109,300

Required:

Using the information above, prepare a balance sheet as of December 31, 2022.

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Answers (1)
  1. 10 December, 11:05
    0
    Total Assets = $124,510

    Total Liabilities = $38,320

    Total Stockholders' equity = $86,190

    Explanation:

    Blossom Company

    Balance sheet

    As at December 31, 2022

    Assets

    Current assets

    Cash $6,390

    Accounts receivable 2,100

    Supplies 3,800

    Inventory 2,920

    Total current asset $15,210

    Non-current asset

    Equipment (net) 109,300

    Total assets 124,510

    Liabilities and Stockholders' Equity

    Current liabilities

    Accounts payable $4,500

    Interest payable 670

    Unearned service revenue 820

    Salaries and wages payable 830

    Total current liabilities $6,820

    Long-term liabilities

    Notes payable 31,500

    Total liabilities $38,320

    Stockholders' equity

    Common stock 58,900

    Retained earnings (Balancing amount) 27,290

    Total stockholders' equity $86190

    Total liabilities and stockholders' equity $124,510
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