Blooming Flower Company was started in Year 1 when it acquired $60,900 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. Year 2 $11,900 31,800 16,800 8,090 Year 3 $20,300 36,400 Year 1 Purchases of inventory $22,300 27,500 11,500 5,490 Sales Cost of goods sold Selling and administrative expenses 18,900 9,800 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.)

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Blooming Flower Company was started in Year 1 when it acquired $60,900 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.
Year 1
Year 2
Year 3
Purchases of inventory
$22,300
27,500
11,500
$11,900
31,800
16,800
8,090
$20,300
36,400
18,900
Sales
Cost of goods sold
Selling and administrative expenses
5,490
9,800
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.
Transcribed Image Text:Blooming Flower Company was started in Year 1 when it acquired $60,900 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. Year 1 Year 2 Year 3 Purchases of inventory $22,300 27,500 11,500 $11,900 31,800 16,800 8,090 $20,300 36,400 18,900 Sales Cost of goods sold Selling and administrative expenses 5,490 9,800 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.
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