Problem 4-24A (Algo) Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4-6 Blooming Flower Company was started in Year 1 when it acquired $61,800 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 Income Statements Year 1 $ 23,300 27, 100 12,600 5,310 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.) Balance Sheets Complete this question by entering your answers in the tabs below. Year 2 $ 11,600 30,100 17,700 8,180 Year 3 $ 20,200 36,600 18, 100 9,650 BLOOMING FLOWER COMPANY Balance Sheets Prepare an 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.)

Problem 4-24A (Algo) Basic transactions for three accounting cycles: Perpetual system LO 4-1, 4.6 Blooming Flower Company was started in Year 1 when it acquired $61,800 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 batance 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. Prepare an 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.)