14.28 points 044723 etlook Hot References 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. 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 Required C Check my wor 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 there is no corresponding input needed. DAN WATSON MERCHANDISING Effect of Events on Financial Statements Show less A Complete this question by entering your answers in the tabs below. 28 Required A Required B Required C 044703 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 ces blank if there is no corresponding input needed. Show less A etook DAN WATSON MERCHANDISING Effect of Events on Financial Statements wwww Balance Sheet Event Assets Stockholders' Equity Cash Inventory Common Stock Retained Earnings Revenue T 2 36 Total income Statement Statement of Cash Net Expenses Flows Income Required A Required B> 1 Complete this question by entering your answers in the tabs below. 14.28 points 04:46:48 eBook Hint Required A Required B Required C Prepare an income statement for Year 1 (use the multistep format). DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 Print References < Required A Required C > 7 539 Suny a 2 2 Chapter 4 Homework 1 1428 poins 06:46:30 ebook 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 juse 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. Mc Graw T What is the amount of total sets at the end of the period? # 3 $ a 96 4 4 W E R S D LL F 5