- 4 Homework Assignment Saved Help Save & Exit Submit Check my work Exercise 4-17A (Algo) Comprehensive exercise with sales discounts LO 4-2, 4-3, 4-4, 4-6, 4-7,4-8 Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2. Junker's Stash experienced the following business events: 1. Pald cash to purchase $73,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,460 were paid in cash by the responsible party 3a. Sold merchandise for $76,500 under terms 1/10, n/30 3b. Recognized $43,400 of cost of goods sold, 4a. Junker's Stash customers returned merchandise that was sold for $2,160. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,280. 5. The merchandise in Event 3a was sold to customers FOB destination. Transportation costs of $1,680 were paid in cash by the responsible party 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount. 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,925 for selling and administrative expenses 8. Sold the land for $9.250 cash. Required a. Record the above transactions in a horizontal financial statements model. b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement. d. The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the above transactions in a horizontal financial statements model. (In the Cash Flow column, use DA to designate operating activity, IA for investmer - arch i 972 Required A Required B Required Required D Record the above transactions in a horizontal financial statements model. (in the Cash Flow column, use OA to designate operating activity, IA for Investmer 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- your answers to the nearest whole dollar amount.) JUNKER'S STASH Financial Statements Model Balance Sheet Assets Revenue! Gain Income Statement Expenser - Net Income Statement of Loss Flow Cash Accounts Receivable Land Event No Beg bar 1 Inventory 15,300 Stockholders' Equity Common Retained Stock Earnings 73,000 36,900 83.000 11.600 + 2 + . 3a + + 3b . 40 45 + 5 . 0b . 7 . 8 End, bal Required B > de 2:47 PM 9/3/2020 to search PrtScn Home End Pgup PgOn 5 responsible party 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount. 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,925 for selling and administrative expenses. 8. Sold the land for $9.250 cash. Required a. Record the above transactions in a horizontal financial statements model. b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement. d. The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D rences Determine the amount of net sales. (Round your intermediate calculations and final answer to 1 decimal place.) Net sales 2:41 to search go 9/31 Prtsen End Home 19 Poup F10 Required A Required B Required Required D Prepare a multistep income statement. Include common size percentages on the income statement. (Round your answers to 1 decimal place.) JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 nt Operating expenses int % % nces Total operating expenses Non-operating items to search BI E Presch Home End Poup Required a. Record the above transactions in a horizontal financial statements model, b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement. d. The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the Income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Did the expenses for Junker's Stash increase or decrease in Year 2? earch