Mano Company was started in 2016 when it acquired $40,000 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 the multistep format) and balance sheet for each fiscal year.

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2016 2017 2018 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses $30,000 $36,000 $57,000 56,000 72,000 39,000 51,000 9,100 11,200 42,000 22,000 6,500