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Condensed financial data of Blossom Company for 2025 and 2024 are presented below. Blossom Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 2024 Cash $1,770 $1,160 Receivables Inventory 1,740 1,280 1,620 1,880 Plant assets 1,930 1,670 Accumulated depreciation (1,250) (1,190) Long-term investments (held-to-maturity) 1,290 1,420 $7,100 $6,220 Accounts payable Accrued liabilities $1.220 $920 190 240 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,860 Cost of goods sold 4,600 Gross margin 2,260 Selling and administrative expense 930 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 520 Net income 890 Cash dividends 260 Income retained in business $630 Accumulated depreciation Long-term investments (held-to-maturity) (1,250) (1,190) 1,290 1,420 $7,100 $6,220 Accounts payable $1,220 $920 Accrued liabilities 190 240 Bonds payable 1,370 1,570 Common stock 1,930 1,730 Retained earnings 2,390 1,760 $7,100 $6,220 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold $6,860 4,600 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM COMPANY STATEMENT OF CASH FLOWS For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities 386,450

Condensed financial data of Blossom Company for 2025 and 2024 are presented below. Blossom Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 2024 Cash $1,770 $1,160 Receivables Inventory 1,740 1,280 1,620 1,880 Plant assets 1,930 1,670 Accumulated depreciation (1,250) (1,190) Long-term investments (held-to-maturity) 1,290 1,420 $7,100 $6,220 Accounts payable Accrued liabilities $1.220 $920 190 240 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,860 Cost of goods sold 4,600 Gross margin 2,260 Selling and administrative expense 930 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 520 Net income 890 Cash dividends 260 Income retained in business $630 Accumulated depreciation Long-term investments (held-to-maturity) (1,250) (1,190) 1,290 1,420 $7,100 $6,220 Accounts payable $1,220 $920 Accrued liabilities 190 240 Bonds payable 1,370 1,570 Common stock 1,930 1,730 Retained earnings 2,390 1,760 $7,100 $6,220 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold $6,860 4,600 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM COMPANY STATEMENT OF CASH FLOWS For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities 386,450

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Condensed financial data of Blossom Company for 2025 and 2024 are presented below. Blossom Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 2024 Cash $1,770 $1,160 Receivables Inventory 1,740 1,280 1,620 1,880 Plant assets 1,930 1,670 Accumulated depreciation (1,250) (1,190) Long-term investments (held-to-maturity) 1,290 1,420 $7,100 $6,220 Accounts payable Accrued liabilities $1.220 $920 190 240 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,860 Cost of goods sold 4,600 Gross margin 2,260 Selling and administrative expense 930 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 520 Net income 890 Cash dividends 260 Income retained in business $630 Accumulated depreciation Long-term investments (held-to-maturity) (1,250) (1,190) 1,290 1,420 $7,100 $6,220 Accounts payable $1,220 $920 Accrued liabilities 190 240 Bonds payable 1,370 1,570 Common stock 1,930 1,730 Retained earnings 2,390 1,760 $7,100 $6,220 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold $6,860 4,600
Transcribed Image Text:Condensed financial data of Blossom Company for 2025 and 2024 are presented below. Blossom Company Comparative Balance Sheet As of December 31, 2025 and 2024 2025 2024 Cash $1,770 $1,160 Receivables Inventory 1,740 1,280 1,620 1,880 Plant assets 1,930 1,670 Accumulated depreciation (1,250) (1,190) Long-term investments (held-to-maturity) 1,290 1,420 $7,100 $6,220 Accounts payable Accrued liabilities $1.220 $920 190 240 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,860 Cost of goods sold 4,600 Gross margin 2,260 Selling and administrative expense 930 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 520 Net income 890 Cash dividends 260 Income retained in business $630 Accumulated depreciation Long-term investments (held-to-maturity) (1,250) (1,190) 1,290 1,420 $7,100 $6,220 Accounts payable $1,220 $920 Accrued liabilities 190 240 Bonds payable 1,370 1,570 Common stock 1,930 1,730 Retained earnings 2,390 1,760 $7,100 $6,220 Blossom Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold $6,860 4,600
Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM COMPANY STATEMENT OF CASH FLOWS For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities 386,450
Transcribed Image Text:Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2025. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOSSOM COMPANY STATEMENT OF CASH FLOWS For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities : Depreciation Expense Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities 386,450
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