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Record the transaction data for each accounting period

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Blooming Flower Company was started in 2018 when it acquired $60,800 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.

                                                       ( 2018)               ( 2019)                    (2020)

Purchases of inventory               $23,700          $10,500                   $19,100

Sales                                       27,000            31,200                    36,700

Cost of goods sold                        12,100          18,300                 18,800

Selling and administrative expenses 5,480                8,090                    9,400

Problem 1: Complete an income statement (use multistep format) and balance sheet for each fiscal year. Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.

Reference no: EM132490252

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