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.
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Debits
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Credits
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Accounts payable
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$4,600
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200Accounts receivable
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$400
|
|
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Bank loan for van
|
|
26,400
|
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Cash
|
11,000
|
|
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Common stock
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|
2,000
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Cost of goods sold
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24,000
|
|
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Delivery van
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36,000
|
|
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Gas for van
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1,000
|
|
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Tax expense
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4,000
|
|
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Insurance expense
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2,000
|
|
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Inventory
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7,600
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|
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Prepaid insurance
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2,000
|
|
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Rent expense
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3,000
|
|
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Salaries expense
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16,000
|
|
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Sales
|
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70,000
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Taxes payable
|
|
4,000
|
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Total
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$107,000
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$107,000
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