Blossom Corporation’s balance sheet at the end of 2019 included the following items.

Current assets (Cash $82,000) $236,770 Current liabilities $151,770
Land 31,770 Bonds payable 101,770
Buildings 121,770 Common stock 181,770
Equipment 91,770 Retained earnings 45,770
Accum. depr.-buildings (31,770 ) Total $481,080
Accum. depr.-equipment (11,000 )
Patents 41,770
Total $481,080

The following information is available for 2020.

1. Net income was $55,870.
2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770.
3. Depreciation expense was $5,770 on the building and $10,770 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.
6. An addition to the building was completed at a cost of $28,770.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $51,770 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.

Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)

Thanks in advance!

The preparation of a statement of cash flows and balance sheet for 2020 for Blossom Corporation is as follows:

1. BlossomCorporation Corporation

For the year ended December 31, 2020

Net Income                          $55,870

Add Non-Cash Expense:

Loss from sale of equipment     230

Depreciation Expenses         16,540

Amortization Expense            2,500

Adjusted cash                      $75,140

Changes in working capital:

Increase in current assets  (29,000)

Increase in current liabilities 14,770

Cash from operations        $60,910

Sale of equipment             $11,770

Building cost                     (28,770)

Investment in stock          (16,000)

Cash from investments ($33,000)

Bonds payable                $51,770

Dividends payment        (30,000)

Treasury stock                 (11,000)

Cash from financing       $10,770

Net cash flow               $38,680

2. Blossom Corporation

Current assets                   $304,450

Land                                       $31,770

Buildigs                               $150,540

Equipment                           $70,000

Accum. depr.-buildings      ($37,540)

Accum. depr.-equipment   ($12,000)

Long-term stock investment 16,000

Patents                                    41,770

Amortization of Patents        (2,500)

Total assets                      $562,490

Current liabilities               $166,540

Bonds payable                  $153,540

Common stock                  $170,770

Retained earnings              $71,640

Total liabilities + Equity  $562,490

Statements of cash flows and balance sheets are two of the main financial statements prepared periodically by an entity.

The statement of cash flows shows the cash flows from operating, investing, and financial activities.

The balance sheet shows the financial position (assets, liabilities, and equity) of an entity at a point.

Blossom Corporation

Current assets

(Cash $82,000)                  $236,770    Current liabilities              $151,770

Land                                          31,770    Bonds payable                  101,770

Buildings                                 121,770    Common stock                  181,770

Equipment                               91,770     Retained earnings            45,770

Accum. depr.-buildings         (31,770 )   Total                              $481,080

Accum. depr.-equipment      (11,000 )

Patents                                   41,770

Total                                  $481,080

Ending Cash balance = $120,680 ($82,000 + 38,680)

Current assets = $304,450 (236,770 + $29,000 + $38,680)

Land = $31,770

Buildigs = $150,540 ($121,770 + $28,770)

Equipment = $70,000 ($91,770 - $21,770)

Accum. depr.-buildings = $37,540 (31,770 + 5,770)

Accum. depr.-equipment = $12,000 (11,000 - 9,770 + 10,770)

Long-term stock investment 16,000

Patents                              41,770

Amortization of Patents  (2,500)

Current liabilities              $166,540 (151,770 + 14,770)

Bonds payable                  $153,540 (101,770 + 51,770)

Common stock                  $170,770 (181,770 - 11,000)

Retained earnings            $71,640 (45,770 + $55,870 - 30,000)

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