Check my work Exercise 4-17A Comprehensive exercise with sales discounts LO 4-2, 4-3, 4-4, 4-6, 4-7, 4-8 11.11 Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: points 8 04:58:31 Skipped 1. Paid cash to purchase $95,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,900 were paid in cash by the responsible party. 3a. Sold merchandise for $109,500 under terms 1/10, n/30. 3b. Recognized $54,400 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,600. 4b. The merchandise returned in Event 4a had cost Junker's Sta: 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,900 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 $7,475 for selling and administrative expenses. 8. Sold the land for $10,350 cash. eBook Hint print References Required a. Record the above transactions in a financial statements model. The first event is recorded as an example 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? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Check my work Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D 11.11 points Record the above transactions in a financial statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for finan activity, and NC for Net change in cash. 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 - leave cells blar no corresponding input needed.) X 04:58:04 Skipped JUNKER'S STASH Financial Statements Model Balance Sheet eBook Income Statement Expensel- Loss = Net Income Assets Stockholders' Equity Revenuel Gain Statement of Cash Flow Event Accounts Receivable . + Cash h . + 105,000 + No. to . Inventory + 17,500 + Tod - Land = 16,000 = Common Stock 95,000 . - + Retained Earnings 43.500 Hint Beg. bal. Print References + + + + + + + + + 7. 8. End. bal. Required A Required B >