Basic transactions for three accounting cycles: perpetual system
Ginger’s Flower Company was started in 2012 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.
| 2012 | 2013 | 2014 |
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 the accounting equation before preparing the statements for that year.)
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