Exercise 4-17A (Algo) Comprehensive exercise with sales discounts LO 4-2, 4-3,4-4, 4-6, 4-7, 4-8 Junker's Stesh started the Year 2 sccounting period with the balances given in the following horizontal financial statements model. During Year 2. Junker's Stash experienced the following business events: 1. Peid cash to purchase $76,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1.520 were paid in cash by the responsible party 38. Sold merchandise for $81,000 under terms 1/10,n/30. 3b. Recognized $44.900 of cost of goods sold. 43. Junker's Stash customers returned merchandise that was sold for $2,220. 46. The merchandise returned in Event 4o had cost Junker's Stash $1,310. 5. The merchandise in Event 3e wes sold to customers FOB destination. Transportation costs of $1710 were paid in cash by the responsible party 68. The customers paid for the merchandise sold in Event 3s within the discount period. Recognized the sales discount. 66. Collected the balance in the accounts receivable account. 7. Peid cash of $7,000 for selling and administrative expenses. 8. Sold the land for $9.400 cash. Required a. Record the above transactions in a horizontal financial statements model. 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? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the above transactions in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing 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 blank if there is no corresponding input needed. Round your answers to the nearest whole dollar amount.) Show less JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Expenser Logs Net Income Assets Revenue Gain Statement of Cash Flow Cash Accounts Receivable Inventory Land Event No. Beg, bal 1 Stockholders' Equity Common Retained Stock Earnings 76,000+ 37,800 88,000+ 15,600 12.200 + + 2. 3b 4b. 5. Ba. Gb 7 End, bal. 86,000+ 15,600 12.2001 - 76,000+ 37,800 Required A Required B > Exercise 4-17A (Algo) Comprehensive exercise with sales discounts LO 4-2, 4-3,4-4, 4-6, 4-7, 4-8 Junker's Stesh started the Year 2 sccounting period with the balances given in the following horizontal financial statements model. During Year 2. Junker's Stash experienced the following business events: 1. Peid cash to purchase $76,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1.520 were paid in cash by the responsible party 38. Sold merchandise for $81,000 under terms 1/10,n/30. 3b. Recognized $44.900 of cost of goods sold. 43. Junker's Stash customers returned merchandise that was sold for $2,220. 46. The merchandise returned in Event 4o had cost Junker's Stash $1,310. 5. The merchandise in Event 3e wes sold to customers FOB destination. Transportation costs of $1710 were paid in cash by the responsible party 68. The customers paid for the merchandise sold in Event 3s within the discount period. Recognized the sales discount. 66. Collected the balance in the accounts receivable account. 7. Peid cash of $7,000 for selling and administrative expenses. 8. Sold the land for $9.400 cash. Required a. Record the above transactions in a horizontal financial statements model. 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? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the above transactions in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing 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 blank if there is no corresponding input needed. Round your answers to the nearest whole dollar amount.) Show less JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Expenser Logs Net Income Assets Revenue Gain Statement of Cash Flow Cash Accounts Receivable Inventory Land Event No. Beg, bal 1 Stockholders' Equity Common Retained Stock Earnings 76,000+ 37,800 88,000+ 15,600 12.200 + + 2. 3b 4b. 5. Ba. Gb 7 End, bal. 86,000+ 15,600 12.2001 - 76,000+ 37,800 Required A Required B >