Blooming Flower Company was started in Year 1 when it acquired $60,500 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. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements 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.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a 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.) BLOOMING FLOWER COMPANY Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500 5,460 Balance Sheets As of Year Ended December 31 Year 1 Total stockholders' equity Total liabilities and stockholders' equity < $ $ 0 $ Year 2 $ 11,600 30,100 16,900 8,090 60,500 Year 2 60,500 60,500 $ Income Statements 0 $ Year 3 $ 20,400 36,200 19,500 9,150 60,500 60,500 60,500 $ Year 3 0 60,500 60,500 60,500 Balance Sheats
Blooming Flower Company was started in Year 1 when it acquired $60,500 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. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements 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.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a 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.) BLOOMING FLOWER COMPANY Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500 5,460 Balance Sheets As of Year Ended December 31 Year 1 Total stockholders' equity Total liabilities and stockholders' equity < $ $ 0 $ Year 2 $ 11,600 30,100 16,900 8,090 60,500 Year 2 60,500 60,500 $ Income Statements 0 $ Year 3 $ 20,400 36,200 19,500 9,150 60,500 60,500 60,500 $ Year 3 0 60,500 60,500 60,500 Balance Sheats
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:nces
Blooming Flower Company was started in Year 1 when it acquired $60,500 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.
Purchases of inventory
Sales
Cost of goods sold
Selling and administrative expenses
Income
Statements
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.)
Complete this question by entering your answers in the tabs below.
Balance
Sheets
Assets
Cash
Merchandise inventory
Prepare a 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.)
Total assets
Liabilities
Stockholders' equity
Common stock
Retained earnings
Year 1
$ 22,200
26,400
12,500
5,460
BLOOMING FLOWER COMPANY
Balance Sheets
As of Year Ended December 31
Year 1
Total stockholders' equity
Total liabilities and stockholders' equity
$
$
0 $
Year 2
$ 11,600
30,100
16,900
8,090
60,500
60,500
60,500 S
Year 2
< Income Statements
0 $
Year 3
$ 20,400
36,200
19,500
9,150
60,500
60,500
60,500 $
Year 3
0
60,500
60,500
60,500
Balance Sheets >
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