On January 1, 2014, Laura started a small flower merchandising business that she named Lauras Flowers. The company experienced the following events during the first year of operation.

1.	Started the business by issuing common stock for $18,000 cash.
2.	Paid $12,000 cash to purchase inventory.
3.	Sold merchandise that cost $9,000 for $19,000 on account.
4.	Collected $16,000 cash from accounts receivable.
5.	Paid $4,500 for operating expenses.

Required: Prepare a an income statement, balance sheet and statement of cashflows.