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.

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