Question

Blooming Flower Company was started in 2018 when it acquired $60,900 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 27,000 12,800 5,480 2019 $11,600 31,400 16,800 8,060 2020 $19,700 37,300 19,300 9,200 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 2018 2019 2020 0 0 Operating expenses | $ $ $ 0

Answer 1

Gross pro fit 459220$ 70,960 $ 79,360 10400 $ 5200 5600 1360900 $ 60,900 $ 60,900 Answert Blooming flower company Income statement for the Year ended December 31. 2018 2019 COLO Sales 27.000 $31,400 37,300 Lesti- cost of goods sold 1412,800 | 16,800 19.300 Operating eapeuses $14,200 $14,600 418,000 | Least selling and administratve expense | $5:480 $ 8060 $9,200 Net profit $ 8,780 $6,540 $8,800 Blooming flower company Balance sheet as of year ended December 31. 2018 2019 2020 Assela- cash Inventory Total Assets 1$69620 $76,160 $84,960 Liabillies: stockholders equity :- common stock Retained earnings $ 8720 $15960|$24,060 Total stocke holders equily $69,690 $76160 $84,960 Total Liabillies and stockholders.be equily $69620 $76160 84,960 working Note: calculation of closing Inventory. 2018 20199090 opening Inventory so $10,400|$5200 purchase of Inventory $23,200 $ 11,600 $19.700 Less cost of goods sold $12,800 $16,800 $ 19,300 Ending Inventory $10,400 $5,200 $5600 Calculation of cbring cash balance ROIC 2020 opening cash balance $60,900 $59220 $70960 Sales $ 27,000 $31400 $37300 Less purchase of Inventory $23,200 $11. 600 $19,700 Lessi- selling and administrative expense $5480 $8060 19,200 Ending cash balance $59,220 $ 70,960 $79,360 statement of retained earnings molt 2014 1020 $ opening retained earnings 8,720 $15260 Wet Income 487206540 $ 8800 Endling retained earnings *8790 15,260 $84,060