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During Year 1, Hardy Merchandising Company purchased $40,000 of inventory on account. Hardy sold inventory on account that cost $24,500 for $38,000. Cash payments on accounts payable were $22,000. There was $26,000 cash collected from accounts receivable. Hardy also paid $5,100 cash for operating expenses. Assume that Hardy started the accounting period with $20,000 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 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. . blank. Reg A Req B to E Record the events in a horizontal statement model. In the Cash Flow column, OA to designate operating activity, IA for investment activity, FA for fin 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 outros Statement of Cash Flows HARDY MERCHANDISING COMPANY Effect of Events on the Financial Statements Dainnce Sheet Income Statement Liabilities Stockholders' Equity Net Accounts Common Retained Revenue Expenses Inventory Income Payable Stock Earnings 20,000 Assets Accounts Receivable Event Canh 20,000 Deg bal 1 20 4 5 End bal Regte > Req A Req B to E What is the balance of accounts receivable, accounts payable amounts of gross margin, net income and net cash flow from 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 o. Net cash flow from operating activities