Question
Asked Feb 2, 2020
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The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet.
$ 88,000
Cash
Retained earnings
122,500
Cost of goods sold
436,300
Salaries and wages expense
117,000
Prepaid insurance
8,100
Inventory
64,300
Accounts receivable
90,500
Sales revenue
581,700
Notes payable
6,300
Accounts payable
55,500
Service revenue
5,500
Interest expense
1,830
In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.
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The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet. $ 88,000 Cash Retained earnings 122,500 Cost of goods sold 436,300 Salaries and wages expense 117,000 Prepaid insurance 8,100 Inventory 64,300 Accounts receivable 90,500 Sales revenue 581,700 Notes payable 6,300 Accounts payable 55,500 Service revenue 5,500 Interest expense 1,830 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.

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Assets: Assets are resources owned by business. It is of two types tangible assets and intangible assets. Tangible assets are assets which have a physical existence. Intangible assets don’t have physical existence. Examples of tangible assets are land, building, equip...

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