Question

HW Saved Help Save & Exit Submit Check my work Blooming Flower Company was started in 2018 when it acquired $60,800 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 $22,400 $10,500 $20,400 Sales 26,300 30,600 36,400 Cost of goods sold 13,200 17,200 19,100 Selling and administrative expenses 5,410 8,090 9,880 20 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 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.) BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 2018 2019 2020 < Prev 4 of 9 Next > Talking

Answer 1

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Summary-

We have been given information of cash sale and cash expenses.By adjusting those incomes with expenses net income is arrived. The ending balances of accounts have been calculated using general technique of opening + Transaction - Adjustments.

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