Blooming Flower Company was started in Year 1 when it acquired $61,100 cash from the issue of common stock. The following data summarize the company’s first three years’ operating activities. Assume that all transactions were cash transactions. Year 1Year 2Year 3Purchases of inventory$ 23,100$ 11,500$ 19,100Sales26,20031,20037,700Cost of goods sold12,40016,60020,000Selling and administrative expenses5,4908,1909,100Please make balance sheet for year 1 , 2 and 3

Year 1 Balance Sheet:Assets:- Cash: $61,100 (initial cash from common stock issuance)- Inventory:…

Answered: Blooming Flower Company was started in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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	Year 1	Year 2	Year 3
Purchases of inventory	$ 23,100	$ 11,500	$ 19,100
Sales	26,200	31,200	37,700
Cost of goods sold	12,400	16,600	20,000
Selling and administrative expenses	5,490	8,190	9,100

Please make balance sheet for year 1 , 2 and 3

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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