In its income statement for the year ended December 31, 2025, Blossom Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $710,000 Interest revenue Loss on disposal of plant assets Sales revenue 35,000 Sales discounts 1,246,000 60,000 $ 23,000 2,330,000 BLOSSOM INC. Income Statement 7,000 $ Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) 160,000

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…