Bloomfree is an organic floral shop

Assignment Help Accounting Basics

Reference no: EM131020682

BloomFree is an organic floral shop. After its first quarter of operations, the company’s accountant prepared the following trial balance, in no particular order. Indicate whether each line on the trial balance is an income statement or balance sheet account.

	Debits	Credits	Balance Sheet / Income Statement
Cost of goods sold	$ 24,000
Accounts receivable	400
Bank loan for van		$ 26,400
Cash	11,000
Common stock		2,000
Accounts payable		4,600
Delivery van	36,000
Gas for van	1,000
Tax expense	4,000
Insurance expense	2,000
Inventory	7,600
Prepaid insurance	2,000
Rent expense	3,000
Salaries expense	16,000
Sales		70,000
Taxes payable		4,000
Total	$107,000	$107,000

Reference no: EM131020682

Questions Cloud

Gathering data for creating pay policies : In gathering data for creating pay policies, the product markets that city hospital would use will include public sector, private sector and geographical labor markets. Labor markets that could be relevant would include health labor market or heal..

Why would the theater charge the same price : Why would the theater charge the same price of $7.50 for a ticket to either movie, when the quantity of tickets demanded is much greater than the quantity supplied for one movie, and the quantity of tickets demanded is much less than the quantity ..

Logistics management systems : Explain how a major organization (e.g., Wal-Mart, Coca-Cola, etc.) utilizes the supply chain or logistics management systems to get its products to markets.

Explaining why this conflicting situation might occur : Explain why this conflicting situation might occur and what conclusions the analyst should accept, indicating the shortcomings and the advantages of each method. Assuming the data is correct, which method will most likely provide the most accurat..

Bloomfree is an organic floral shop : Indicate whether each line on the trial balance is an income statement or balance sheet account.

How about life insurance : Statistics indicate that the odds of needing more than a year of nursing home care before you reach age 65 are 1 in 33 and the expense of a prolonged nursing home stay can cause severe financial hardships. There is even a greater chance of the need f..

Who has the absolute advantage in producing cakes : Given this information draw two graphs: a graph of Josie's production possibility frontier and a graph of Mark's production possibility frontier. In your graphs measure cakes on the horizontal axis and gadgets on the vertical axis. Given the above..

Why might petty and his manager want tickets to have prices : According to the article, Petty insists that tickets to his concert be sold "below market price." The author of the article wondered why "Petty and his promoter would price tickets so low when there were clearly people willing to pay much, much mo..

Intranet service to a medium size organization : The project will be to simply implement a working intranet service to a medium size organization that has no working intranet service currently. An agile approach as will be used. at a high level, it is to provide a working intranet service that f..

User Account

All Pages