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Help please, I will give good rating. c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer
Help please, I will give good rating.
c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer to the nearest dollar amount. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ OZARK SALES } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flows from operating activities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from operating activities & & $ \\ \hline Cash flows from investing activities: & & \\ \hline Cash flows from financing activities & & \\ \hline & & \\ \hline & & \\ \hline Nending cash balance & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ OZARK SALES } \\ \hline As of December 31, Year 1 \\ \hline Assets & & \\ \hline & & \\ \hline Total assets & & $ \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular} \begin{tabular}{|l|l|r|} \hline \multicolumn{2}{|c|}{ OZARK SALES } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline & & \\ \hline & & \\ \hline For the Year Ended December 31, Year 1 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total expenses & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{13}{|c|}{ Effect of Transactions on Financial Statements } \\ \hline \multirow[b]{2}{*}{ Event } & \multicolumn{5}{|c|}{ Balance Sheet } & \multicolumn{5}{|c|}{ Income Statement } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Statement of Cash Flows }} \\ \hline & Assets & = & Liabilities & + & Equity & Revenue & - & Expenses & = & Net Income & & \\ \hline 1. & + & = & & + & + & & - & & = & & + & FA \\ \hline 2. & & = & & + & & & - & & = & & & \\ \hline 3a. & & = & & + & & & - & & = & & & \\ \hline 3b. & & = & & + & & & - & & = & & & \\ \hline 4. & & = & & + & & & - & & = & & & \\ \hline 5. & & = & & + & & & - & & = & & & \\ \hline 6. & & = & & + & & & - & & = & & & \\ \hline 7. & & = & & + & & & - & & = & & & \\ \hline 8. & & = & & + & & & - & & = & & & \\ \hline 9. & & = & & + & & & - & & = & & & \\ \hline 10. & & = & & + & & & - & & = & & & \\ \hline \end{tabular} Exercise 9-8A (Algo) Current liabilities LO 9-1, 9-2, 9-4 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased equipment inventory of $174,500 on account. 3. Sold equipment for $208,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $133,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $158,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,400 for warranty repairs during the year. 8. Paid operating expenses of $52,000 for the year. 9. Paid $125,600 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6Step by Step Solution
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