AC201 Unit 4 homework

Determine the amount of gross margin. Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year o operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $29,500 cash from the issue of common stock. 2. Purchased inventory for $23,600 cash. 3. Sold inventory costing $16,400 for $30,500 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Record the events in general foumal format. (if no entry is required for a transaction/event, select "No journal entry required" in the first sccount field.) Post the entries to T-accounts. Complete this question by entering your answers In the tabs below. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" account field.) a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1 ? Complete thls question by entering your answers in the tabs below. What is the amount of net cash flow from operating activities for Year 1 ? (Indicate cash o