Saved Blooming Flower Company was started In Year 1 when it acquired $61,500 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 Year 3 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Year 1 $22,209 27,1ee 13,400 5,420 Year 2 $11, eee 31,7ee 17,7ee 8,020 $20,300 36,700 18,500 10,85e 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.) Complete this question by entering your answers in the tabs below. Income Statements Balance Sheets Prepare an income statement 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 Year 1 is 27.100's (13.400' 13.700 S 31.700 (17.700 14.000 Year 3 36.700 18.500 18.200 Net sales Cost of goods sold Gross margin Operating expenses Miscellaneous expense Net income 5.420) (3.020) 5.980 (10.050) 8.150 S S 8.2801 S Next > Saved Statements Balance Sheets Prepare an 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 Year 2 Year 3 Assets $ 61,500 Cash Merchandise inventory S 61,500 SLOS Total assets Liabilities Stockholders equity Common stock Retained earnings 8,280 14.280 22,410 Tota stockholders equity Total abilities and stockho ders equity 18.2502 8,280 14,280 14 280||$ 22.410 22,410 5 3 Income Statements