Bloomfree is an organic floral shop after its first quarter, Ask an Expert

Accounting

BloomFree is an organic floral shop. After its first quarter of operations, the company’s accountant prepared the following trial balance, in alphabetical order. The accountant also tells you that net income for the quarter was $20,000. Use the trial balance along with the net income information to prepare a balance sheet for BloomFree.

	Debits	Credits
Accounts payable		$4,600
200Accounts receivable	$400
Bank loan for van		26,400
Cash	11,000
Common stock		2,000
Cost of goods sold	24,000
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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91737629

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