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Blooming Flower Company was started in Year 1 when it acquired $60,900 cash from the issue of common stock. The following data summarize the companys
Blooming Flower Company was started in Year 1 when it acquired $60,900 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.
Year 1 | Year 2 | Year 3 | |
---|---|---|---|
Purchases of inventory | $ 22,100 | $ 10,500 | $ 19,900 |
Sales | 27,900 | 30,400 | 36,700 |
Cost of goods sold | 11,500 | 18,000 | 19,600 |
Selling and administrative expenses | 5,360 | 8,020 | 9,800 |
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.)
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