Solution-Basic transactions for three accounting cycles

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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Basic transactions for three accounting cycles

Reference no: EM13536034

Reference no: EM13536034

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