During Year 1 Hardy Merchandising Company purchased $15,000 of inventory on account. Hardy sold inventory on account that cost $11.300 for $16,900 Cash payments on accounts payable were $9.400. There was $15,000 cash collected from accounts receivable. Hardy also paid $3.500 cash for operating expenses. Assume that Hardy started the accounting period with $24,500 in both cash and common stock Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first event is recorded as an example, 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 1? e. Determine the amount of net cash flow from operating activities. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Identify the events described in the preceding paragraph and record them in a horizontal statements model. The first event is recorded as an example. (TL financing activities, "NC" for net change in cash and "NA" for not affect. Enter any decreases to account balances with a minus sign.) Income Statement - Expenses - Net Income Events Cash HARDY MERCHANDISING COMPANY Effect of Events on the Financial Statements Balance Sheet - Liabilities - Stockholders' Equity Revenue AccountsCommon Retained Stock Earnings 24,500 15.000l 15.0001 Accounts Ste Beg bal Purim 24,500 1 15 on 16,900 16,900 16,900 15 000 16,900