Blooming Flower Company was started in 2018 when it acquired $61,100 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. 2018 2019 2020 $22,500 26,200 11,800 5,480 $19,800 36,800 19,400 9,550 Purchases of inventory $11,300 Sales 30,500 18,100 8,040 Cost of goods sold Selling and administrative expenses 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) 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.) Complete this question by entering your answers in the tabs below. Balance Sheets Income Statements 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 2018 2019 2020 Net sales 26,200 $ 30,500 $ 36,800 Cost of goods sold (11,800) (18,100) (19,400) Gross margin 12,400 14,400 17,400 Operating expenses Selling and administrative expenses 5,480 8,040 9,550 8,920 $ Net income $ 4,360 $ 7,850 Balance Sheets Income Statements 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 $ 67,940 $ Cash 65,980 85,550 Merchandise inventory 10,700 (6,800) 400 76,680$ 61,140$ $ Total assets 85,950 $ Liabilities 0 0 0 Stockholders' equity 61,100 Common stock 61,100 61,100 Retained earnings 13,280 21,130 8,920 Total stockholders' equity 70,020 74,380 82,230 Total liabilities and stockholders' equity 70,020 $ $ 82,230 74,380 KIncome Statements Balance Sheets Blooming Flower Company was started in 2018 when it acquired $61,100 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. 2018 2019 2020 $22,500 26,200 11,800 5,480 $19,800 36,800 19,400 9,550 Purchases of inventory $11,300 Sales 30,500 18,100 8,040 Cost of goods sold Selling and administrative expenses 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) 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.) Complete this question by entering your answers in the tabs below. Balance Sheets Income Statements 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 2018 2019 2020 Net sales 26,200 $ 30,500 $ 36,800 Cost of goods sold (11,800) (18,100) (19,400) Gross margin 12,400 14,400 17,400 Operating expenses Selling and administrative expenses 5,480 8,040 9,550 8,920 $ Net income $ 4,360 $ 7,850 Balance Sheets Income Statements 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 $ 67,940 $ Cash 65,980 85,550 Merchandise inventory 10,700 (6,800) 400 76,680$ 61,140$ $ Total assets 85,950 $ Liabilities 0 0 0 Stockholders' equity 61,100 Common stock 61,100 61,100 Retained earnings 13,280 21,130 8,920 Total stockholders' equity 70,020 74,380 82,230 Total liabilities and stockholders' equity 70,020 $ $ 82,230 74,380 KIncome Statements Balance Sheets