The information below relates to the operations of Blossom Corporation, a private company following ASPE, for the year ended December 31, 2020:

Cost of goods sold $326,000
Interest expense  2,090
Sales returns and allowances  8,710
Accounts payable 119,878
Sales discounts 3,592
Depreciation expense 982,096
Sales revenue 982,596
Salaries and wages expense 163,332
Prepaid expenses 3,250
Rent expense 35,500
Loss from fire 8,118
Rental revenue 21,506

Additional information:

•		The effective tax rate is 40%.
•		Depreciation expense: 50% administrative expense and 50% selling expense
•		Salaries and wages expense: 45% administration expense and 55% selling expense
•		Rent expense: 70% administration expense and 30% selling expense

Prepare a multiple-step income statement in good form by function. (Enter selling expenses before administrative expenses. Round answers to 0 decimal places, e.g. 5,275.)

Answer rating: 100% (QA)

Blossom Corporation Income Statement For the Year Ended December 31 2020 Sales revenue 982596 Cost o... View the full answer