Homework During Year 1. Hardy Merchandising Company purchased $13,000 of inventory on account Hardy sold inventory on account that cost $9.800 for $14600 Cash payments on accounts payable were $8,100. There was $13,000 cash collected from accounts receivable. Hardy also paid $3,300 cash for operating expenses. Assume that Hardy started the accounting period with $25,500 in both cash and 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 17 *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 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 recorded as an example. (In the Cash Flow column, use financing activities, "NC' for not change in cash and "NA" for not affect. Enter any decreases to account balances with a minus sign.) HARDY MERCHANENSING COMPANY Effect of Events on the Flancial Statements Balance Sheet Liabilities - Stockholders' Equity Revenue Accounts Common Retained Inventory - Income Statement Expenses Net Income Statement of Cash Flows Cash Accounts Payable 25.500 I NA Events Beg bal 1 Pain 20 Sold in con 3 Pd. AP 4 Col. AR 5 Pd exp End bal TT 25.500 0- 100 Required B > 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 $13,000 of inventory on account. Hardy sold Inventory on account that cost $9,800 for $14,600. Cash payments on accounts payable were $8,100. There was $13,000 cash collected from accounts receivable Hardy also paid $3,300 cash for operating expenses. Assume that Hardy started the accounting period with $25,500 in both cash and 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 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E What is the balance of accounts receivable at the end of Year 17 Accounts receivable 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 $13,000 of inventory on account. Hardy sold inventory on account that cost $9,800 for $14,600 Cash payments on accounts payable were 58.100. There was $13,000 cash collected from accounts receivable Hardy also paid $3,300 cash for operating expenses. Assume that Hardy started the accounting period with $25,500 in both cash and 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 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 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E What is the balance of accounts payable at the end of Year 17 Accounts payable 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 $13,000 of inventory on account. Hardy sold inventory on account that cost $9,800 for $14,600 Cash payments on accounts payable were $8,100. There was $13,000 cash collected from accounts receivable. Hardy also paid $3,300 cash for operating expenses. Assume that Hardy started the accounting period with $25,500 in both cash and 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 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Required Required E What are the amounts of gross margin and net income for Year 17 Gross margin Net Income 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 $13,000 of inventory on account. Hardy sold inventory on account that cost $9,800 for $14,600. Cash payments on accounts payable were $8,100. There was $13,000 cash collected from accounts receivable. Hardy also paid $3,300 cash for operating expenses. Assume that Hardy started the accounting period with $25,500 in both cash and 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 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. Complete this question by entering your answers in the tabs below. Required A Required B Required c R equired D Reduired E Determine the amount of net cash flow from operating activities. (Indicate cash outflows with minus sign.) Net cash flow from operating activities