Mano Company was started in 2016 when it acquired $40,000 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 the multistep format) and balance sheet for each fiscal year.

2016 2017 2018 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses $30,000 $36,000 $57,000 56,000 72,000 39,000 51,000 9,100 11,200 42,000 22,000 6,500