Blossom Corporation\'s trial balance at December 31, 2020, is presented below. A
ID: 2333162 • Letter: B
Question
Blossom Corporation's trial balance at December 31, 2020, is presented below. All 2020 tra recorded except for the items described below. actions have been Debit Credit Cash Accounts Receivable n Inventory Land 94,400 Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) 29,500 19,500 8,000 54,000 27,000 5,400 ount Paid-in Capital in Excess of Par-Common Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred -Eq Retained Earnings Treasury Stock Cash Dividends 33,960 590,000 Rent Revenue of Interest Expense Cost of Goods Sold 391,000 37,700 Salaries and Wages Expense 63,400 Total $780,400 $780,400Explanation / Answer
Answer
Balance Sheet
as of Dec 31, 2020
ASSETS
Current Assets:
Cash
$ 65,860.00
Accounts receivables
$ 51,000.00
Less: Allowance for Doubtful Accounts
$ 5,100.00
$ 45,900.00
Inventory
$ 22,600.00
Total Current Assets
$ 134,360.00
Property, Plant & Equipment:
Land
$ 63,700.00
Equipment
$ 30,000.00
Less: Accumulated Depreciation Equipment
$ 15,300.00
$ 14,700.00
Building
$ 94,400.00
Less: Accumulated Depreciation Building
$ 32,450.00
$ 61,950.00
Total Plant Property & Equipment
$ 140,350.00
Total Assets
$ 274,710.00
LIABILITIES & STOCKHOLDER's EQUITY
Current Liabilities:
Accounts Payable
$ 19,500.00
Interest Payable
$ 5,400.00
Dividend Payable
$ 5,873.00
Unearned Rent Revenue
$ 2,000.00
Total Current Liabilities
$ 32,773.00
Long Term Liabilities:
Bonds Payable
$ 54,000.00
Total Liabilities
$ 86,773.00
Stockholder's Equity:
Capital Stock
Paid in Capital
Common Stock
$ 37,000.00
Preferred Stock
$ 24,000.00
Total Paid in Capital
$ 61,000.00
Additional Paid in Capital
Paid in Capital in excess of Par Common Stock
$ 20,400.00
Paid in Capital in excess of Par Preferred Stock
$ 3,600.00
Total Additional Capital
$ 24,000.00
Total Capital Stock
$ 85,000.00
Retained earnings
$ 116,277.00
Total Paid in Capital & Retained Earnings
$ 201,277.00
Less: Treasury Stock
$ 13,340.00
Total Stockholder's Equity
$ 187,937.00
Total Liabilities & Stockholder's Equity
$ 274,710.00
Balance Sheet
as of Dec 31, 2020
ASSETS
Current Assets:
Cash
$ 65,860.00
Accounts receivables
$ 51,000.00
Less: Allowance for Doubtful Accounts
$ 5,100.00
$ 45,900.00
Inventory
$ 22,600.00
Total Current Assets
$ 134,360.00
Property, Plant & Equipment:
Land
$ 63,700.00
Equipment
$ 30,000.00
Less: Accumulated Depreciation Equipment
$ 15,300.00
$ 14,700.00
Building
$ 94,400.00
Less: Accumulated Depreciation Building
$ 32,450.00
$ 61,950.00
Total Plant Property & Equipment
$ 140,350.00
Total Assets
$ 274,710.00
LIABILITIES & STOCKHOLDER's EQUITY
Current Liabilities:
Accounts Payable
$ 19,500.00
Interest Payable
$ 5,400.00
Dividend Payable
$ 5,873.00
Unearned Rent Revenue
$ 2,000.00
Total Current Liabilities
$ 32,773.00
Long Term Liabilities:
Bonds Payable
$ 54,000.00
Total Liabilities
$ 86,773.00
Stockholder's Equity:
Capital Stock
Paid in Capital
Common Stock
$ 37,000.00
Preferred Stock
$ 24,000.00
Total Paid in Capital
$ 61,000.00
Additional Paid in Capital
Paid in Capital in excess of Par Common Stock
$ 20,400.00
Paid in Capital in excess of Par Preferred Stock
$ 3,600.00
Total Additional Capital
$ 24,000.00
Total Capital Stock
$ 85,000.00
Retained earnings
$ 116,277.00
Total Paid in Capital & Retained Earnings
$ 201,277.00
Less: Treasury Stock
$ 13,340.00
Total Stockholder's Equity
$ 187,937.00
Total Liabilities & Stockholder's Equity
$ 274,710.00