Blooming Flower Company was started in Year 1 when it acquired $60,200 cash from the issue of common stock. The following data summarize the companys first three years operating activities. Assume that all transactions were cash transactions.

	Year 1			Year 2			Year 3
Purchases of inventory	$	22,200		$	11,400		$	20,400
Sales		27,500			30,900			36,300
Cost of goods sold		13,200			17,600			18,800
Selling and administrative expenses		5,400			8,030			9,300

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 T-accounts before preparing the statements for that year.)

Problem 4-25A Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4-6 Blooming Flower Company was started in Year 1 when it acquired $60,200 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 Year 2 Year 3 $22,200 $11,400 $20,400 27,500 30,900 36,300 13,200 17,600 18,800 5,400 8,030 9,300 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 T-accounts before preparing the statements for that year.) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Operating expenses BLOOMING FLOWER COMPANY Balance Sheets As at December 31 Year 1 Year 2 Year 3 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity