Blooming Flower Company was started in 2018 when it acquired $60,700 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.
| 2018 | 2019 | 2020 | |||||||
| Purchases of inventory | $ | 23,900 | $ | 10,500 | $ | 19,100 | |||
| Sales | 26,400 | 30,800 | 36,300 | ||||||
| Cost of goods sold | 12,200 | 18,000 | 18,900 | ||||||
| Selling and administrative expenses | 5,370 | 8,170 | 9,600 | ||||||
Required
Prepare the balance sheets (use multistep format) for each fiscal year.
Assets
Cash
Merchandise Inventory
Total assets
Liabilities
stockholders equity
common stock
retained earnings
etc. etc...........
Homework Answers
| BLOMING FLOWER COMPANY | |||
| Balance sheet as at | |||
| 2018 | 2019 | 2020 | |
| $ | $ | $ | |
| ASSETS | |||
| Cash | 57830 | 69960 | 77560 |
| Merchandise inventory | 11700 | 4200 | 4400 |
| Total Assets | 69530 | 74160 | 81960 |
| LIABILITIES | |||
| Stockholders Equity | |||
| Common stock | 60700 | 60700 | 60700 |
| Retained earnings | 8830 | 13460 | 21260 |
| TOTAL LIABILITIES | 69530 | 74160 | 81960 |
| BLOMING FLOWER COMPANY | |||
| Income statement for the year ended | |||
| 2018 | 2019 | 2020 | |
| $ | $ | $ | |
| Sales | 26400 | 30800 | 36300 |
| Less: Cost of goods sold | 12200 | 18000 | 18900 |
| Less: Seling and adminstrative expenses | 5370 | 8170 | 9600 |
| Net profit | 8830 | 4630 | 7800 |
| 2018 | 2019 | 2020 | |
| $ | $ | $ | |
| Retained earnings | |||
| Opening balance | 0 | 8830 | 13460 |
| Add: Net proft during the year | 8830 | 4630 | 7800 |
| Closing balance | 8830 | 13460 | 21260 |
| Merchandise inventory balance | |||
| Opening balance | 0 | 11700 | 4200 |
| Add: Purchases | 23900 | 10500 | 19100 |
| Less: Cost of goods sold | 12200 | 18000 | 18900 |
| Closing inventory | 11700 | 4200 | 4400 |
| Cash balance: | |||
| Opening balance | 0 | 57830 | 69960 |
| Add: Issue of stock | 60700 | 0 | 0 |
| Add: Sales | 26400 | 30800 | 36300 |
| 87100 | 88630 | 106260 | |
| Less: Purchase of inventory | 23900 | 10500 | 19100 |
| Less: Selling and admin expenses | 5370 | 8170 | 9600 |
| Closing cash balance | 57830 | 69960 | 77560 |
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Blooming Flower Company was started in 2018 when it acquired
$60,700 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $60,700 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $60,700 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. 2018 2019 2020 $19,500 36,300 18,200 9,900 Purchases of inventory $23,300 26, 100 12,700 5,350 $10,700 30,400 17,400 8,030 Sales Cost of goods sold Selling and administrative expenses Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint:...
Blooming Flower Company was started in 2018 when it acquired $61,200 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $61,200 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. 2018 2019 2020 Purchases of inventory $ 23,200 $ 10,600 $ 20,000 Sales 27,000 31,700 37,800 Cost of goods sold 12,400 16,900 19,300 Selling and administrative expenses 5,330 8,180 9,250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal...
Blooming Flower Company was started in 2018 when it acquired $61,600 cash from the issue of...
Blooming Flower Company was started in 2018 when it acquired $61,600 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 2018 $23, 200 27,200 11,700 5,400 2019 $11,300 31, 200 17,000 8, 150 2020 $19,000 37,900 19,000 9,550 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal...
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Blooming Flower Company was started in 2018 when it acquired $60,300 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 2018 $23,400 27,100 11,600 5,420 2019 $11,100 30,600 16,700 8, 110 2020 $20,300 36,100 19,600 9, 250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year....
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Blooming Flower Company was started in 2018 when it acquired $61,600 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 2018 $23, 200 27,200 11,700 5,400 2019 $11,300 31, 200 17,000 8, 150 2020 $19,000 37,900 19,000 9,550 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal...
Blooming Flower Company was started in 2018 when it acquired $60,300 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 2018 $23,400 27,100 11,600 5,420 2019 $11,100 30,600 16,700 8, 110 2020 $20,300 36,100 19,600 9, 250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year....
Blooming Flower Company was started in 2018 when it acquired $61,200 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 2018 $23,500 27,100 11,600 5,350 2019 $11,600 30,600 17,500 8,100 2020 $19,000 36,800 19,900 9,850 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record...
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years. The equipment was used to produce the following revenue
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