Blossom Company Comparative Balance Sheets Assignment

Blossom Company Comparative Balance Sheets December 31 2022 2021 Assets $202,000 $121,000 Cash 219,500 95,000 Accounts receivable 281,250 257,125 Inventory Prepaid expenses 71,000 65,000 272,500 345,000 Long-term investments 606,250 712,500 Plant assets (130,000) Accumulated depreciation (125,000) $1,706,250 $1,286,875 Total Liabilities and Stockholders' Equity $255,000 $168,250 Accounts payable 41,250 52,500 Accrued expenses payable 365,000 275,000 Bonds payable 437,500 550,000 Common stock 263,625 585,000 Retained earnings $1,286,875 $1,706,250 Total Blossom Company Income Statement Data For the Year Ended December 31, 2022 Sales revenue $971,150 Less: Cost of goods sold $338,650 Operating expenses, excluding depreciation 31,025 116,250 Depreciation expense 68,200 Income tax expense 11,825 Interest expense 584,700 Loss on disposal of plant assets 18,750 $386,450 Net income Additional information: 1. New plant assets costing $250,000 were purchased for cash during the year.

Old plant assets having an original cost of $143,750 and accumulated depreciation of $121,250 were sold for 2. $3,750 cash. 3. Bonds payable matured and were paid off at face value for cash. Acash dividend of $65,075 was declared and paid during the year. 4. 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 Adjustments to reconcile net income to We were unable to transcribe this image.

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