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You are provided with the following information for Blossom Company, effective as of its April 30, 2022, year-end.

You are provided with the following information for Blossom Company, effective as of its April 30, 2022, year-end.

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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Prepare an income statement with the information below. Need asap. 

 

You are provided with the following information for Blossom Company, effective as of its April 30, 2022, year-end. Accounts payable $ 840 Accounts receivable 840 Accumulated depreciation-equipment 580 Cash 1,400 Common stock 17,200 Cost of goods sold 1,000 Depreciation expense 365 Dividends 335 Equipment 2,530 Goodwill 1,700 Income tax expense 160 Income taxes payable 145 Insurance expense 300 Interest expense 510 Inventory 970 Investment in land 14,985 Land 2,500 Mortgage payable (long-term) 3,700 Notes payable (short-term) 70 70 Prepaid insurance Retained earnings (beginning) 1,700 Salaries and wages expense 600
Transcribed Image Text:You are provided with the following information for Blossom Company, effective as of its April 30, 2022, year-end. Accounts payable $ 840 Accounts receivable 840 Accumulated depreciation-equipment 580 Cash 1,400 Common stock 17,200 Cost of goods sold 1,000 Depreciation expense 365 Dividends 335 Equipment 2,530 Goodwill 1,700 Income tax expense 160 Income taxes payable 145 Insurance expense 300 Interest expense 510 Inventory 970 Investment in land 14,985 Land 2,500 Mortgage payable (long-term) 3,700 Notes payable (short-term) 70 70 Prepaid insurance Retained earnings (beginning) 1,700 Salaries and wages expense 600
Salaries and wages payable 230 Sales revenue 5,100 Stock investments (short-term) 1,300
Transcribed Image Text:Salaries and wages payable 230 Sales revenue 5,100 Stock investments (short-term) 1,300
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