Problem 4-25A (Algo) Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4-6
Blooming Flower Company was started in Year 1 when it acquired $60,600 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
Year 1
$\ 23,300$
Year 2
$\ 10,200$
Year 3
$\ 18,700$
27,700
30,700
36,500
11,700
16,700
18,500
5,380
8,070
9,150
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 a 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.)