Check my work Exercise 4.17A (Static) Comprehensive exercise with sales discounts LO 4-2, 4-3, 4-4, 4-6, 4-7, 4-8 Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements modeli During Year 2. Junker's Stash experienced the following business events 1. Paid cash to purchase 570,000 of merchandise inventory 2 The goods that were purchased in Event were delivered Foe destration Transportation costs of SL400 were paid in cash by the 3. Sold merchandise for $72,000 under terms Von/30 35. Recognised $41900 of cost of goods sold 43 Junker's 5th customers retumed merchandise that was sold for $2.500 to. The merchandise returned in Event 4 had cost uker's Stash $4250 5 The merchandise in Event 30 was sold to customers FOB destination Transportation costs of 51650 were paid in cash by the 63. The customers cards the merchandise sold in Event 3s within the discount period. Recognized the sales discount 56. Collected the balance in the accounts receivable account 7. Paid cash of $6.850 for selling and administrative expenses 8. Soid the land for $900 cash Required Racord the above transactions in a horontalinancial statements madet t. Determine the amount of sales Prepare a muriteo income statement include common so percentages on the income statement 4. The retum-sales to for Junkers Stash during the prior year was 12 percent Bared on the common site data in the income statement did the experses for Junkers Sush increase or decrease in 27 Assume sales are the same for both years. Complete this question by entering your answers in the tabs below und Red 2 Come this question by entering your answers in the tabs below. 10 Roured Required gure the above transactions in a hoitona Francial statements model in the Can Flow column, OA to designate operating activity. IA for investment activity. YA! to account balances and cash outflows with a minusson Notices in the statement of Cash Flowcolumn may require an input leave cell bank JUNKERS STASH Financial Statements Model Balance sheet Income Rever Gain Les Netcome Statement of Cash Flow Atels Acco stockholders Equity Comen Retained Earnings 70,000 0.000 C Inwentary 15.000 70.000 BOR 11.000 Beg 1 00.000 (70.000 1.400 1400 114 24 72.000- 72.000 36 4 - ba + CD . + B 1400 72.000 1.000 DADO 70.000 11,000 72.000 35,000 3.000 + Ende 111 Next Populred Secard the above transactions in a horizontal financial statements model Determine the amount of net sales. 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? Assume sales are the same for both years. Print Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the amount of net sales Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a multistep income statement. Include common size percentages on the income statement. (Round pe answers to 1 decimal place.) JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 % % 0 0.0 % Operating expenses % % Total operating expenses 0 0.0 % 0.0 % 0 Non-operating items % 0.01% $ 0 Complete this question by entering your answers in the tabs below. Required A Required B Required Required 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? Assume sales are the same for both years. Did the expenses for Junker's Stash increase or decrease in Your 2?