Blooming Flower Company was started in Year 1 when it acquired $61,700 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 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. Balance Sheets Assets Cash Merchandise inventory Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,600 27,000 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 13, 200 5,490 Total stockholders' equity Total liabilities and stockholders' equity Balance Sheets As of Year Ended December 31 Year 1 $ $ 0 $ Year 2 $ 11,500 31,700 17,700 8,130 0 $

Blooming Flower Company was started in Year 1 when it acquired $61,700 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 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. Balance Sheets Assets Cash Merchandise inventory Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,600 27,000 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 13, 200 5,490 Total stockholders' equity Total liabilities and stockholders' equity Balance Sheets As of Year Ended December 31 Year 1 $ $ 0 $ Year 2 $ 11,500 31,700 17,700 8,130 0 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year 1 Year Ago $ 31,099 $ 26,605 89, 200 114,500 62,900 85,000 8,568 221, 258 8,163 209,503 $ 460, 131 $ 396,665 Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 112,281 84,775 162,500 100,575 $ 460,131 $ 396,665 $ 65,696 89,408 162,500 79, 061 Current Year The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: $364,884 185,433 10, 169 7,776 $598,170 2 Years Ago 568, 262 $ 29,908 $ 1.84 $ 32,725 50,800…
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Blooming Flower Company was started in Year 1 when it acquired $61, 300 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. Year 1 Year 2 Year 3 Purchases of inventory $ 22,800 $ 11, 700 S 19, 600 Sales 27, 600 30,900 36,200 Cost of goods sold 11, 600 17,500 18, 800 Selling and administrative expenses 5,310 8,050 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.)
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 Sales Cost of goods sold Selling and administrative expenses Income Statements 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. Balance Sheets Assets Cash Merchandise inventory 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.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
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