Blooming Flower Company was started in Year 1 when it acquired $60,400 cash from the issue...

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Blooming Flower Company was started in Year 1 when it acquired $60,400 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 $ 23,000 Year 2 $ 10,300 Year 3 $ 19,900 27,700 13,300 5,430 31,600 16,900 8,110 37,400 18,700 9,600 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 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 Inventory Cash Year 1 $ 9,700 59,670 Year 2 Year 3 Total assets $ 69,370 $ 0 $ 0 Liabilities $ 0 Stockholders' equity Common stock Retained earnings 60.400 8,970 Total stockholders' equity 69,370 0 0 Total liabilities and stockholders' equity $ 69,370 $ 0 $ 0 Blooming Flower Company was started in Year 1 when it acquired $60,400 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 $ 23,000 Year 2 $ 10,300 Year 3 $ 19,900 27,700 13,300 5,430 31,600 16,900 8,110 37,400 18,700 9,600 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 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 Inventory Cash Year 1 $ 9,700 59,670 Year 2 Year 3 Total assets $ 69,370 $ 0 $ 0 Liabilities $ 0 Stockholders' equity Common stock Retained earnings 60.400 8,970 Total stockholders' equity 69,370 0 0 Total liabilities and stockholders' equity $ 69,370 $ 0 $ 0