Blooming Flower Company was started in Year 1 when it acquired $61,400 cash from the issue of common stock. Thefollowing data summarize the company's first three years' operating activities. Assume that all transactions were cashtransactions.Purchases of inventorySalesCost of goods soldSelling and administrative expensesIncomeStatementsBalanceSheetsAssetsCashRequiredPrepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transactiondata for each accounting period in the accounting equation before preparing the statements for that year.)Merchandise inventoryComplete this question by entering your answers in the tabs below.Total assetsLiabilitiesStockholders' equityCommon stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders'equityYear 1$22,30026,50012,4005,310$ 60,2909,900Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accountingequation before preparing the statements for that year.)BLOOMING FLOWER COMPANYBalance SheetsAs of Year Ended December 31Year 1$ 70,19061,4008,790Answer is complete but not entirely correct.Year 2Year 2$ 65,210$10,30061,40030, 20018, 2008,1903,810 X$ 73,110 $ 69,400(7,900) X70,19065,210$ 70,190 $ 65,210< Income StatementsYear 3(200) ►$ 69,200Year 3$19,60037,60019,80010,00061,4007,800 X69,200$ 69,200Balance Sheets

Income Statement:An income statement stands for the statement that shows profits and loss of the…

Blooming Flower Company was started in Year 1 when it acquired $61,400 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 Year 1 $22,300 26,500 12,400 5,310 Year 2 $10,300 30,200 18,200 8,190 Year 3 $19,600 37,600 19,800 10,000

Blooming Flower Company was started in Year 1 when it acquired $61,400 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 Year 1 $22,300 26,500 12,400 5,310 Year 2 $10,300 30,200 18,200 8,190 Year 3 $19,600 37,600 19,800 10,000

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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