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Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2 , Junker's Stash
Junker's Stash started the Year accounting period with the balances given in the following horizontal financial statements model. During Year Junker's Stash experienced the following business events:
Paid cash to purchase $ of merchandise inventory.
The goods that were purchased in Event were delivered FOB destination. Transportation costs of $ were paid in cash by the responsible party.
a Sold merchandise for $ under terms
b Recognized $ of cost of goods sold.
a Junker's Stash customers returned merchandise that was sold for $
b The merchandise returned in Event a had cost Junker's Stash $
The merchandise in Event a was sold to customers FOB destination. Transportation costs of $ were paid in cash by the responsible party.
a The customers paid for the merchandise sold in Event a within the discount period. Recognized the sales discount.
b Collected the balance in the accounts receivable account.
Paid cash of $ for selling and administrative expenses.
Sold the land for $ cash.
Required:
a Record the above transactions in a horizontal financial statements model. this is the part shown in photo it needs to be completed as shown on the photo then we can go to the next parts.
b Determine the amount of net sales.
c Prepare a multistep income statement. Include common size percentages on the income statement.
d The returnonsales ratio for Junker's Stash during the prior year was percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year Assume sales are the same for both years.
Complete this question by entering your answers in the tabs below.
Record the above transactions in a horizontal financial statements model.
Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for Net change in cash. Enter any sign. Not all cells in the "Statement of Cash Flows" column may require an input leave cells blank if there is no corresponding input needed.
Record the above transactions in a horizontal financial statements model.
Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA forfinancing activity, and NC for Net change in cash. Enter any decre sign. Not all cells in the "Statement of Cash Flows". column may require an input leave cells blank if there is no corresponding input needed.
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