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1 Required information [ The following information applies to the questions displayed below. ] The following transactions apply to Ozark Sales for Year 1 :
Required information
The following information applies to the questions displayed below.
The following transactions apply to Ozark Sales for Year :
The business was started when the company received $ from the issue of common stock.
Purchased merchandise inventory of $ on account.
Sold merchandise for $ cash not including sales tax Sales tax of percent is collected when the
merchandise is sold. The merchandise had a cost of $
Provided a sixmonth warranty on the merchandise sold. Based on industry estimates, the warranty claims would
amount to percent of sales.
Paid the sales tax to the state agency on $ of the sales.
On September Year borrowed $ from the local bank. The note had a percent interest rate and matured on
March Year
Paid $ for warranty repairs during the year.
Paid operating expenses of $ for the year.
Paid $ of accounts payable.
Recorded accrued interest on the note issued in transaction number
c Prepare the income statement for Year
c Prepare the balance sheet for Year
c Prepare the statement of cash flows for Year
Complete this question by entering your answers in the tabs below.
Req C
Prepare the income statement for Year Round your answers to the nearest dollar.
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