Question & Answer: Question:Please amswer P2-4 , from chapter2 for Financial Accounting: Tools for Business ……..

Question:Please amswer P2-4 , from chapter2 for Financial Accounting: Tools for Business …

for Financial Accounting: Tools for Business Decision Making 7th edition by Kimmel, Weygandt and Kieso:-inthe pictures below

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!-Mbong started the year with 25,000 of common shares and issued 8,200 more during the year

2- 1,500 of the bank loan payable is due to be repaid within the next year

instruction

(a)prepare an income statement .statement of change of equity ,and statement of financial position for the year

(b) Explain how each financial statement is related to others

Expert Answer

 

BLOSSOM CORPORATION
Income Statement
for the year ended December 31,2018
Service Revenue $212,900
Less : Operating Expense $39,400
Operating Income $173,500
Less : Selling and administrative expense
Repairs and Maintenance Expense $2,300
Depreciation Expense $5,700
Insurance Expense $1,700
Salaries Expense $119,800
Utilities Expense $2,000
Supplies Expense $1,000
Total Selling and administrative expenses $132,500
Add : Other Income – Interest Revenue $500
Earnings before interest and tax $41,500
Less : Interest Expense $1,500
Profit before Tax $40,000
Less : Income Tax Expense $6,000
Net Income $34,000

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