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.

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

2012 2013 2014 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses S 60,000 90,000 S130,000 102,000 102000 8,000 72000 220,000 140,000 72,000 54,000 40,000 52,000