1 Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 3.33 points eBook Hint Ask a. Acquired $30,000 cash from the issue of common stock. b. Purchased inventory for $18,000 cash. c. Sold inventory costing $15,000 for $32,000 cash. Required: a. Record the events in a horizontal financial statements model. b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required B Required C Event Record the events in a horizontal financial statements model. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if tl is no corresponding input needed. 1. Cash Assets Balance Sheet + Inventory DAN WATSON MERCHANDISING Effect of Events on Financial Statements Stockholders' Equity Retained Earnings Common Stock + Revenue Income Statement Expenses = Net Income Save & EXIL Statement of Cash Flows Submit Show less

Record the events in a horizontal financial statements model. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may re is no corresponding input needed. a. Record the events in a horizontal financial statements model. b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1 (use the multistep format). Dan Watson started a small merchandising business in Year t. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual irventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased inventory for $18,000 cash. c. Sold inventory costing $15,000 for $32,000 cash. Required: a. Record the events in o horizontal financial statements model. b. Prepare an income statement for Year 1 (use the multistep format) c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Record the events in a horizontal financial statements modei. Noter in the Cavi Fow colume, use OA to designate operating activify, LA for inwestment activity, FA for financing activity, and NC for net change in cash. Inter is na corresponding ingut needed. Dan Watson started a small merchandising business in Year 1. The business experience operation. Assume that Watson uses the perpetual inventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased inventory for $18,000 cash. c. Sold inventory costing $15,000 for $32,000 cash. Required: a. Record the events in a horizontancial statements model. b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. What is the amount of total assets at the end of the period