1 Dan Watson started a small merchandising business in Yeart. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system, 1. Acquired $30,000 cash from these of common stock 2. Purchased Inventory for $24.000 cash 3. Sold inventory costing $18.000 for $3500 cash Required Record the events in a horizontal financial statements model b. Prepare an income statement for Year use the multistep forma 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 Record the events in a horizontal financial statements model in the Cash Flow column, use CA 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 there is no corresponding Input needed.) Show less DAN WATSON MERCHANDISING Effect of Events on Financial Statement Balance sheet Incomeant Photos - Q1-Part 4.PNG + 2 N V quired Required Required Record the events in a horizontal financial statements model (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for ne 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 require an input - leave cells blank if there is no corresponding input needed.) Show les 2. Purchased inventory for $24,000 cash. 3. Sold inventory costing $18,000 for $31.500 cash. DAN WATSON MERCHANDISING Effect of Events on Financial Statement Balance Sheet Income Statement Assets Stockholders' Equity Common Retained Revenue - Expenses Inventory Stock Earnings Event Net Income Statement of Cash Flows 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? 1 2 3a 35 To 0 0 - Complete this question by entering your answers in the tabs below. . 0 0 Required A a Required B Required What is the amount of total assets at the end of the period? Total assets Im 4 A