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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.)

BLOOMING FLOWER COMPANY
Income Statements
For the Year Ended December 31
2000 2001 2002
0 0 0
Operating expenses
$0 $0 $0

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.)

BLOOMING FLOWER COMPANY
Balance Sheets
As of Year Ended December 31
2018 2019 2020
Assets
Total assets $0 $0 $0
Liabilities
Stockholders equity
Total stockholders equity 0 0 0
Total liabilities and stockholders equity $0 $0 $0

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