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Blooming Flower Company was started in Year 1 when it acquired $60,700 cash from the issue of common stock. The following data summarize the companys
Blooming Flower Company was started in Year 1 when it acquired $60,700 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 | $ | 22,800 | $ | 10,800 | $ | 18,600 | |||
Sales | 26,300 | 30,600 | 36,100 | ||||||
Cost of goods sold | 12,100 | 18,300 | 19,800 | ||||||
Selling and administrative expenses | 5,390 | 8,160 | 9,950 | ||||||
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 T-accounts before preparing the statements for that year.)
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