Exercise 4-17A (Algo) 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 model During Year 2. Junker's Stash experienced the following business events 1 Paid cash to purchase 580,000 of merchandise inventory 2. The goods that were purchased in Event 1 were delivered FOB destination Transportation costs of S1600 were paid in cash by the responsible party 3a Sold merchandise for $87,000 under terms 1/10, 1/30 36. Recognized $46,900 of cost of goods sold 4a Junker's Stash customers returned merchandise that was sold for $2,300 4b. The merchandise returned in Event 4a had cost Junker's Stash $1350 5. The merchandise in Event 3a was sold to customers FOB destination Transportation costs of $1750 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 57100 for selling and administrative expenses 8. Sold the land for $9.600 cash Required o. 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 22 Assume sales are the same for both years Check my work lewe bow to inshortat tinangalan model in the det, for me to form for ter dress to the theme to meet there you to the whe) JUNKERS STASH Tellement A Ich pen Ne inconnu Cash Actes 0 000 18000 3.000 0300 > . 50000 000 13000 30.000 Required B Complete this question by entering your answers in the tabs below. Required A Required B Required Required Determine the amount of net sales. (Round your intermediate calculations and final answer to 1 decimal place. Net sales Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare a multistep income statement. Include common size percentages on the income statement. (Round your answers to 1 decimal place.) JUNKER'S STASH Income Statement For the Year Ended December 31. Year 2 RRR 0.0 00 Operating expenses Total operating expenses RE 00 00 0.0 001% Non-operating items $ 00 0015 Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 Junkers Stash increase or decrease m Year 22