5 The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: ts S 04.0741 1. Inventory that had cost $15,000 was sold for $27,000 under terms 2/20.net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $660. The merchandise had cost Ozark $400. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $2,835. 5. Interest expense paid amounted to $200. 6. Land that had cost $6,000 was sold for $6,900 cash. eBook Required a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Hint Net sales Ask Print b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount Amounts to be deducted and losses should be indicated with a minus sign.) References OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 0 Operating expenses 5 OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 10 points 0 04:06:55 Operating expenses 0 eBook Non-operating items Hint $ Print References c. Where would the interest expense be shown on the statement of cash flows? Operating activities Investing activities Financing activities 04:06:39 eBook c. Where would the interest expense be shown on the statement of cash flows? 080 Hint Operating activities Investing activities Financing activities AK Print d. How would the sale of the land be shown on the statement of cash flows? References The full sales price of the land, $6,900, would be shown as a cash inflow from financing activities on the statement of cash flows. The full sales price of the land, $6,900, would be shown as a cash inflow from investing activities on the statement of cash flows The full sales price of the land. $6.900. would be shown as a cash inflow from operating activities on the statement of cash flows