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Homework answers / question archive / looming Flower Company was started in Year 1 when it acquired $60,000 cash from the issue of common stock
looming 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.
| 1 | 2 | 3 | ||||||
| Purchases of inventory | $ | 50,000 | $ | 60,000 | $ | 85,000 | ||
| Sales | 68,000 | 85,000 | 130,000 | |||||
| Cost of goods sold | 34,000 | 43,000 | 71,000 | |||||
| Selling and administrative expenses | 29,000 | 35,000 | 42,000 | |||||
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.)
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