Amber$$s Flower Company was started in Year $1$ when it acquired $$80,000$ 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 $$40,000$ $$55,000$ $$95,000$

Sales $75,00088,000146,000$

Cost of Goods Sold $38,00049,00082,000$

Selling and Administrative Expenses $29,00035,00042,000$

What is Amber's Gross Margin for Year $1?$

What is Amber's Net Income for Year $1?$

What is Amber's Cash account balance at the end of Year $1?$

What is the balance in Amber's merchandise Inventory account at the end of Year $1?$

What is Amber's revenue for Year $2?$

What is the Retained Earnings balance after closing Year $2?$

What is the Net Cash Flow for Year $2?$

Enter negative values in parentheses.

The accounting equation must remain in balance throughout the three years. What value did both the left and the right side of the accounting equation equal at the end of Year $3?$