HP Save & The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $T merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,200. 5. Interest expense paid amounted to $360. 5. Land that had cost $8,000 was sold for $9,250 cash. Required Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dolla Net sales 9,250 Saved Help s 5 b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whe amount. Amounts to be deducted and losses should be indicated with a minus sign.) 10 points OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 eBook Hint Print 0 References Operating expenses Cost of goods sold 0 Non-operating items $ 0 Check c. Where would the interest expense be shown on the statement of cash flows? bok Operating activities Investing activities O Financing activities nt nt ences d. How would the sale of the land be shown on the statement of cash flows? The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of flows. The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of flows. The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of flows WWW Prev 5 of 5 W Next HP Save & The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $T merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,200. 5. Interest expense paid amounted to $360. 5. Land that had cost $8,000 was sold for $9,250 cash. Required Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dolla Net sales 9,250 Saved Help s 5 b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whe amount. Amounts to be deducted and losses should be indicated with a minus sign.) 10 points OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 eBook Hint Print 0 References Operating expenses Cost of goods sold 0 Non-operating items $ 0 Check c. Where would the interest expense be shown on the statement of cash flows? bok Operating activities Investing activities O Financing activities nt nt ences d. How would the sale of the land be shown on the statement of cash flows? The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of flows. The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of flows. The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of flows WWW Prev 5 of 5 W Next