Exercise 4-3A Effect of inventory transactions on the income statement and statement of cash flows! Perpetual system LO 4-1 During Year 1. Hardy Merchandising Company purchased $22,000 of inventory on account. Hardy sold inventory on account that $16,500 24.800 Cash payments on accounts payable were $13,800. There was $22,100 cash collected from accounts receiv Hardy also paid $4,200 cash for operating expenses. Assume that Hardy started the accounting period with $19,000 in both cash 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 12 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 re activities, FA for financing activities, "NO" for net change in cash and "NA" for not affect. Enter any decreases to acco a HARDY MERCHANDISING COMPANY