Blooming Flower Company was started in Year 1 when it acquired $61,300 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 $ 22,800 $ 11, 700 $ 19,600 Sales 27,600 30, 900 36,200 Cost of goods sold 11, 600 17,500 18, 800 Selling and administrative expenses 5,310 8,050 9, 150 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.)

Blooming Flower Company was started in Year 1 when it acquired $61,300 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 $ 22,800 $ 11, 700 $ 19,600 Sales 27,600 30, 900 36,200 Cost of goods sold 11, 600 17,500 18, 800 Selling and administrative expenses 5,310 8,050 9, 150 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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