During Year 1, Cowboy Ice Cream Company (CIC) purchased $16,000 of inventory on account. CIC sold inventory on account that cost $12.000 for $18,000, Cash payments on accounts payable were $10,000. There was $16,000 cash collected from accounts receivable. CIC also paid $3,600 cash for operating expenses. Assume that CIC started the accounting period with $24,000 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 17 e. Determine the amount of net cash flow from operating activities. Complete this question by entering your answers in the tabs below. Req A Req B to E Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activ the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a m COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Event Cash Bog, bal. 24,000+ 1. 2a. 26. 3. 4. 5. End. bal. Assets Accounts Receivable + "+ Balance Sheet Income Statement Liabilities + Accounts Stockholders' Equity Inventory Payable Common Stock Retained Revenue Expenses Net: Income Statement of Cash Flows Earnings 24,000+ . " + Reg A Req B to E > 00% Complete this question by entering your answers in the tabs below. Req A Req B to E What is the balance of accounts receivable, accounts payable, amounts of gross m operating activities at the end of Year 1? (Indicate cash outflows with minus sign. b. Accounts receivable c. Accounts payable d. Gross margin Net income e. Net cash flow from operating activities < Req A Req B to E