Blooming Flower Company was started in Year 1 when it acquired $60,000 cash from the issue of

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Blooming Flower Company was started in Year 1 when it acquired $60,000 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 Sales Cost of goods sold Selling and administrative expenses $50,000 $60,000


Required
Prepare an income statement and balance sheet for each fiscal year.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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