↠ Prepare an unclassified balance sheet as it would appear at December 31, 2020.

↠ Prepare a statement of cash flows for 2020

 

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Blossom Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land 1. BLOSSOM INC. BALANCE SHEET DECEMBER 31, 2019 $23,230 Accounts payable 24,430 35,230 81,000 2. 3. 4. 5. 6. 7. 8. 43,230 $207,120 Notes payable (long-term) Common stock Retained earnings During 2020, the following occurred. Blossom Inc. sold part of its debt investment portfolio for $16,408. This transaction resulted in a gain of $4,808 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,230 cash. $33,230 44,230 103,230 26,430 $207,120 Long-term notes payable in the amount of $17.408 were retired before maturity by paying $17,408 cash. An additional $21,408 in common stock was issued at par. Dividends of $9,608 were declared and paid to stockholders. Net income for 2020 was $35,230 after allowing for depreciation of $12,408. Land was purchased through the issuance of $38,230 in bonds. At December 31, 2020, Cash was $40,230, Accounts Receivable was $44,830, and Accounts Payable remained at $33.230. Blossom Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land 1. BLOSSOM INC. BALANCE SHEET DECEMBER 31, 2019 $23,230 Accounts payable 24,430 35,230 81,000 2. 3. 4. 5. 6. 7. 8. 43,230 $207,120 Notes payable (long-term) Common stock Retained earnings During 2020, the following occurred. Blossom Inc. sold part of its debt investment portfolio for $16,408. This transaction resulted in a gain of $4,808 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,230 cash. $33,230 44,230 103,230 26,430 $207,120 Long-term notes payable in the amount of $17.408 were retired before maturity by paying $17,408 cash. An additional $21,408 in common stock was issued at par. Dividends of $9,608 were declared and paid to stockholders. Net income for 2020 was $35,230 after allowing for depreciation of $12,408. Land was purchased through the issuance of $38,230 in bonds. At December 31, 2020, Cash was $40,230, Accounts Receivable was $44,830, and Accounts Payable remained at $33.230.

Answer rating: 100% (QA)

Blossom Inc Balance Sheet December 31 2020 Assets Cash 40230 Accounts receivable 44830 Investments 4... View the full answer