ABC, Inc. is a new company (no beginning balances) that has the following transactions in its first year of operations 2017. Unless specified, assume all sales and purchases are on account(i.e., receivables and payables) 1. Issued common stock for 175,000 in cash. 2. Purch 3. Paid for freight in with cash (inventory shipping), 6,350. 4. Paid a cash advance for business insurance for the year, 7,500 5. Purchased supplies for cash, 20,000. 6. Sold products that cost 49,500 to customers for 82,500. 7. Paid cash for shipping cost of sale, 5,775 8. Received payment in cash from customer. Discount of 825, cash of 81,675 received. 9. Paid cash of 77,470 for previous on account purchase 10. Purchased inventory on account, 117,852. 11. Paid for freight in with cash (inventory shipping), 9,660. 12. Sold products that cost 79,200 to customers for 132,000 13. Paid cash for shipping cost of sale, 9,235 14. Purchased additional supplies for cash, 10,000. 15. Customer returned products costing 924. The sales return amount is 1,540. 16. Paid salaries in cash, 6,250 17. Received payment in cash from customer. Discount of 1,305, cash of 129,155 received. 18. Sold products that cost 52,800 to customers for 57,750 19. Paid cash for shipping cost of sale, 6,163 20. Paid cash of 117,852 for previous on account purchase. 21. Products costing 1,320 were returned by customers, the sale price for the returned goods is 2,200. 22. Received payment in cash from customer. Discount of 578, cash of 57,172 received. 23. Products costing 1,386 were returned by customers, the sale price for the returned goods is 2,310. 24. Purchased inventory on account, 57,950. 25. Paid for freight in with cash (inventory shipping), 4,750. 26. Sold products that cost 46,200 to customers for 77,000 27. Paid cash for shipping cost of sale, 5,390 28. Returned damaged inventory, $3,050. 29. Received professional services on account (accounting and legal), 3,250. 30. Paid cash for advertising costs for the year, 5,000 31. Supplies of $26,250 were used during the year 32. Customer returned products costing 792. The sales return amount is 1,320. 33. Paid salaries in cash, 6,250. 34. Recognize insurance used for the year, 7,500. 35. Depreciation recognized for buildings, equipment, and vehicles, 15,000. ased inventory on account, 77,470. Required: 1) Journalize and post the above transactions. (2) Prepare Financial Statements (Excluding the Statement of Cash Flows) (3) Calculate the AccountsRcivable Turnover, Inventory Turnover, Current Ratio, Debt-to- Equity Ratio, Gross Margin, and Return on Sales ABC, Inc. is a new company (no beginning balances) that has the following transactions in its first year of operations 2017. Unless specified, assume all sales and purchases are on account(i.e., receivables and payables) 1. Issued common stock for 175,000 in cash. 2. Purch 3. Paid for freight in with cash (inventory shipping), 6,350. 4. Paid a cash advance for business insurance for the year, 7,500 5. Purchased supplies for cash, 20,000. 6. Sold products that cost 49,500 to customers for 82,500. 7. Paid cash for shipping cost of sale, 5,775 8. Received payment in cash from customer. Discount of 825, cash of 81,675 received. 9. Paid cash of 77,470 for previous on account purchase 10. Purchased inventory on account, 117,852. 11. Paid for freight in with cash (inventory shipping), 9,660. 12. Sold products that cost 79,200 to customers for 132,000 13. Paid cash for shipping cost of sale, 9,235 14. Purchased additional supplies for cash, 10,000. 15. Customer returned products costing 924. The sales return amount is 1,540. 16. Paid salaries in cash, 6,250 17. Received payment in cash from customer. Discount of 1,305, cash of 129,155 received. 18. Sold products that cost 52,800 to customers for 57,750 19. Paid cash for shipping cost of sale, 6,163 20. Paid cash of 117,852 for previous on account purchase. 21. Products costing 1,320 were returned by customers, the sale price for the returned goods is 2,200. 22. Received payment in cash from customer. Discount of 578, cash of 57,172 received. 23. Products costing 1,386 were returned by customers, the sale price for the returned goods is 2,310. 24. Purchased inventory on account, 57,950. 25. Paid for freight in with cash (inventory shipping), 4,750. 26. Sold products that cost 46,200 to customers for 77,000 27. Paid cash for shipping cost of sale, 5,390 28. Returned damaged inventory, $3,050. 29. Received professional services on account (accounting and legal), 3,250. 30. Paid cash for advertising costs for the year, 5,000 31. Supplies of $26,250 were used during the year 32. Customer returned products costing 792. The sales return amount is 1,320. 33. Paid salaries in cash, 6,250. 34. Recognize insurance used for the year, 7,500. 35. Depreciation recognized for buildings, equipment, and vehicles, 15,000. ased inventory on account, 77,470. Required: 1) Journalize and post the above transactions. (2) Prepare Financial Statements (Excluding the Statement of Cash Flows) (3) Calculate the AccountsRcivable Turnover, Inventory Turnover, Current Ratio, Debt-to- Equity Ratio, Gross Margin, and Return on Sales