Problem 4-25A Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4-6 Blooming Flower...
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Problem 4-25A Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4-6 Blooming Flower Company was started in Year 1 when it acquired $61,700 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 Year 1 Year 2 Year 3 $23,100 $10,100 $18,500 27,200 31.000 36,200 12,400 16,500 19,300 5,360 8,150 9,250 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) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Operating expenses BLOOMING FLOWER COMPANY Balance Sheets As at December 31 Year 1 Year 2 Year 3 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
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