Question
Blooming Flower Company was started in 2000 when it acquired $60,000 cash from the issue of common stock. The following data summarize the companys first
Blooming Flower Company was started in 2000 when it acquired $60,000 cash from the issue of common stock. The following data summarize the companys first three years operating activities. Assume that all transactions were cash transactions.
2000 | 2001 | 2002 | |||||||
Purchases of inventory | $ | 50,000 | $ | 60,000 | $ | 85,000 | |||
Sales | 68,000 | 85,000 | 130,000 | ||||||
Cost of goods sold | 34,000 | 43,000 | 71,000 | ||||||
Selling and administrative expenses | 29,000 | 35,000 | 42,000 |
Required
Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)
Income Statements
Balance Sheets
Prepare an income statement for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)
|
Balance Sheets
Prepare an balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started