Basic transactions for three accounting cycles: Perpetual system
Ginger’s Flower Company was started in 2011 when it acquired $80,000 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.
| 2011 | 2012 | 2013 |
Purchases of inventory | $ 60,000 | $ 90,000 | $ 130,000 |
Sales | 102,000 | 146,000 , | 220,000 |
Cost of goods sold | 54,000 | 78,000 | 140,000 |
Selling and administrative expenses | 40,000 | 52,000 | 72,000 |
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.)
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.