Blooming Flower Company was started in Year 1 when it acquired $60,000 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 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses: Required $50,000 Year 2 $60,000 Year 3 $85,000 130,000 34,000 43,000 71,000 29,000 35,000 42,000 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. Income Statements Sheets Prepare an income statement (use multistep format) 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 Operating expenses Year 1 Year 2 Year 3 0 01 Balance Sheets > Blooming Flower Company was started in Year 1 when it acquired $60,000 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. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Required Year 1 $ 50,000 68,000 34,000 Year 2 $ 60,000 85,000 43,000 Year 3 $ 85,000 130,000 71,000 29,000 35,000 42,000 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. Income Statements Balance Sheets Prepare a 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 Assets Total assets Liabilities Stockholders' equity Year 1 Year 2 Year 3 S 0 $ 0 $ Prou 37-of-39 Next >