2018 2019 2020 Operating expenses $ 0 $ 2$ < Income Statements Balance Sheets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Need tables completed for B1&B2
![Complete this question by entering your answers in the tabs below.
Income
Balance
Statements
Sheets
Prepare an income statement for each fiscal year. (Hint: Record the transaction data for each accounting period in the
accounting equation before preparing the statements for that year.)
BLOOMING FLOWER COMPANY
Income Statements
For the Year Ended December 31
2018
2019
2020
Operating expenses
$
$
$
Income Statements
Balance Sheets
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8151a55-1f97-4293-9574-706e6f6ba5ac%2F814020bf-ce67-4864-a2ed-b3c968d5bc5f%2Feee8753_processed.png&w=3840&q=75)
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Income
Balance
Statements
Sheets
Prepare an income statement for each fiscal year. (Hint: Record the transaction data for each accounting period in the
accounting equation before preparing the statements for that year.)
BLOOMING FLOWER COMPANY
Income Statements
For the Year Ended December 31
2018
2019
2020
Operating expenses
$
$
$
Income Statements
Balance Sheets
>
![Blooming Flower Company was started in 2018 when it acquired $60,800 cash from the issue of common stock. The following data
summarize the company's first three years' operating activities. Assume that all transactions were cash transactions.
2018
2019
2020
Purchases of inventory
$24,000
26,000
11,900
5,300
$10,400
31,200
17,400
8,010
$19,800
36,100
18, 200
9,250
Sales
Cost of goods sold
Selling and administrative expenses
Required
Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each
accounting period in the accounting equation before preparing the statements for that year.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8151a55-1f97-4293-9574-706e6f6ba5ac%2F814020bf-ce67-4864-a2ed-b3c968d5bc5f%2F1mdxun_processed.png&w=3840&q=75)
Transcribed Image Text:Blooming Flower Company was started in 2018 when it acquired $60,800 cash from the issue of common stock. The following data
summarize the company's first three years' operating activities. Assume that all transactions were cash transactions.
2018
2019
2020
Purchases of inventory
$24,000
26,000
11,900
5,300
$10,400
31,200
17,400
8,010
$19,800
36,100
18, 200
9,250
Sales
Cost of goods sold
Selling and administrative expenses
Required
Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each
accounting period in the accounting equation before preparing the statements for that year.)
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