income statement for year 1

balance sheet for year 1

statemet if cash flows year 1

no trial balance was given

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 $209,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $134,500. 4. Provided a sox-month warranty on the equipment soid. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Poid the sales tax to the state agency on $159,500 of the sales. 6. On September 1. Year 1, borrowed $21,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2 7. Paid $5,500 for warranty repairs during the yeat; 8. Poid operating expenses of $53,000 for the yeat. 9. Paid $124.800 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6