Current Attempt in ProgressThese financial statement items are for Blossom Tax Services at year-end, July 31, 2020.Salaries and wages payableSalaries and wages expenseUtilities expenseEquipmentAccounts payableService revenueRent revenueShare capital-ordinary£2,33654,544:v25,31238.5284,59270,5609.52022.400Notes payable (long-term)CashAccounts receivableAccumulated depreciation-equipmentDividends£Depreciation expenseRetained earnings (beginning of the year)BLOSSOM TAX SERVICESIncome StatementPrepare a retained earnings statement for the year.£BLOSSOM TAX SERVICESRetained Earnings StatementPrepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 orparentheses e.g. (45).)Prepare a classified statement of financial position at July 31. (List Current Assets in the reverse order of liquidity)BLOSSOM TAX SERVICESStatement of Financial PositionAssetsEquity and Liabilitiesv£££££2,016£15.90410,9606,7203,3604,48034,944

Lets understand the basics. Income statement is prepared by management to know the net income…

These financial statement items are for Blossom Tax Services at year-end, July 31, 2020. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Share capital-ordinary £2,336 Notes payable (long-term) 54,544 Cash 25,312 Accounts receivable 38,528 4,592 70,560 9,520 22,400 Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) £2,016 15,904 10,960 6,720 3,360 4,480 34,944

These financial statement items are for Blossom Tax Services at year-end, July 31, 2020. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue Share capital-ordinary £2,336 Notes payable (long-term) 54,544 Cash 25,312 Accounts receivable 38,528 4,592 70,560 9,520 22,400 Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) £2,016 15,904 10,960 6,720 3,360 4,480 34,944

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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