Reference no: EM133019865
Question - You are provided with the following information for Blossom Company, effective as of its April 30, 2022, year-end.
Accounts payable $840
Accounts receivable 840
Accumulated depreciation-equipment 580
Cash 1,400
Common stock 17,200
Cost of goods sold 1,000
Depreciation expense 365
Dividends 335
Equipment 2,530
Goodwill 1,700
Income tax expense 160
Income taxes payable 145
Insurance expense 300
Interest expense 510
Inventory 970
Investment in land 14,985
Land 2,500
Mortgage payable (long-term) 3,700
Notes payable (short-term) 70
Prepaid insurance 70
Retained earnings (beginning) 1,700
Salaries and wages expense 600
Salaries and wages payable 230
Sales revenue 5,100
Stock investments (short-term) 1,300
Required - Prepare an income statement for Blosoom Company for the year ended April 30, 2022.