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Blooming 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. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Complete this question by entering your answers in the tabs below. Income Statements 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.) Balance Sheets Operating expenses BLOOMING FLOWER COMPANY Year 1 $ 50,000 68,000 34,000 29,000 Prepare an income statement (use multistep format) 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 For the Year Ended December 31 Year 1 + Year 2 Year 2 $ 60,000 85,000 43,000 35,000 Year 3 $ 85,000 130,000 71,000 42,000 Year 3

Blooming 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. 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. Prepare an income statement (use multistep format) for each fiscal year. (Hint: Record the transaction data for eact accounting period in the accounting equation before preparing the statements for that year.) 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. Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the equation before preparing the statements for that year.)

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