nces Blooming Flower Company was started in Year 1 when it acquired $60,500 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 Year 1 $ 22,200 Year 2 $ 11,600 Year 3 $ 20,400 Sales 26,400 30,100 36,200 Cost of goods sold 12,500 Selling and administrative expenses 5,460 16,900 8,090 19,500 9,150 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 the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Income Statements Balance Sheets Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Assets Cash Merchandise inventory Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 Year 2 Year 3 $ 0 $ 0 $ 0 60,500 60,500 60,500 Total stockholders' equity Total liabilities and stockholders' equity 60,500 $ 60,500 60,500 60,500 $ 60,500 $ 60,500 < Income Statements Balance Sheets > < Prev 3 of 7 Next > ABURGONE ROO