Blooming Flower Company was started in 2016 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.

Required
Prepare an income statement (use multistep format) and balance sheet for each fiscal year.

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2016 2017 2018 $50,000 $60,000 $85,000 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 68,000 34,000 29,000 85,000 130,000 43,000 71,000 35,000 42,000