Check my w The following transactions apply to Ozark Sales for Year 1 1. The business was started when the company received $50,000 from the issue of common stock 2. Purchased equipment inventory of $380,000 on account 3. Sold equipment for $510.000 cash (not including sales tax Sales tax of 8 percent in collected when the merchandise is sold. The 4. Provided a six month warranty on the equipment soid. Based on industry estimates, the warranty claims would amount to 2 percent of sales 5. Paid the sales tax to the state agency on $400,000 of the sales 6. On September 1 Yeart borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1 Year 2 7. Paid 56 200 for watranty repars during the year 8. Pald operating expenses of $70,000 for the year 9. Paid $250,000 of accounts payable 10. Recorded accrued interest on the note sted in transaction no. 6 Required a. Record the given transactions in a horizontal statements model b. Prepare the income statement balance sheet, and statement of cash flows for Year 1 c. What is the total amount of current inities at December 31, Year 19 Complete this question by entering your answers in the tabs below. Regine al Hey stmt Cash Flow Rec Record the given transactions in a horizontal statements model (ther any decreases te account balances and cash outflows with a minus sign. In the Cash Flowcom indicat financing stiv (VA) and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole delar amounts Total OZARK SALES Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Reg B Stmt Cash Flows Reg C Prepare the income statement for Year 1. (Round your answers to the nearest whole dollar.) OZARK SALES Income Statement For the Year Ended December 31, Year 1 K Expenses nces Total operating expenses Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Req A Reqc Prepare the balance sheet for Year 1. (Round your answers to the nearest whole dollar.) OZARK SALES Balance Sheet As of December 31, Year 1 Assets Cash $ 0 Total assets Liabilities es $ 0 Total liabilities Stockholder's equity Total stockholders' equity Total liabilities and stockholders' equity $ $ OO Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req A Req B Bal Sheet Req B Stmt Cash Flows Reg C Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sig OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Inflow from customers 510,000 40,800 (250,000) $ 300,800 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: 0 Inflow from customers 50,000 50,000 100,000 400,800 Net cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance $ 400,800 Required a. Record the given transactions in a horizontal statements model. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 c. What is the total amount of current liabilities at December 31, Year 1? ces Complete this question by entering your answers in the tabs below. Req A Reg B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Reqc What is the total amount of current liabilities at December 31, Year 1? (Round your answer to Total current liabilities