Amber€™s Flower Company was started in 2014 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.

Required
Prepare an income statement (use multistep format) and balance sheet for each fiscal year.

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2014 2015 2016 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses $40,000 $5,000 95,000 88,000 49,000 35,000 75,000 38,000 29,000 146,000 82,000 42,000