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Basic transactions for three accounting cycles

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Reference no: EM13536034

Basic transactions for three accounting cycles: perpetual system

Ferguson Company was started in 2008 when it acquired $60,000 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.

2008

2009

2010

Purchases of inventory

$24,000

$12,000

$20,500

Sales

26,000

30,000

36,000

Cost of goods sold

13,400

18,500

20,000

Selling and administrative expenses

5,500

8,200

10,100

Required

Prepare an income statement (use the multistep format) and balance sheet for each fiscal year.

Reference no: EM13536034

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