Problem 12-7A (Part Level Submission)
Presented below are the financial statements of Blossom
Company.
Blossom Company
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 76,650
$ 43,800
Accounts receivable
43,800
30,660
Inventory
61,320
43,800
Property, plant, and equipment
131,400
170,820
Accumulated depreciation
(70,080
)
(52,560
)
Total
$243,090
$236,520
Liabilities and Stockholders’ Equity
Accounts payable
$ 41,610
$ 32,850
Income taxes payable
15,330
17,520
Bonds payable
37,230
72,270
Common stock
39,420
30,660
Retained earnings
109,500
83,220
Total
$243,090...