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Junkers Stash started the Year 2 accounting period with the balances given below. Please help fill out the Income Statement and Financial Statements Model! Thank

Junkers Stash started the Year 2 accounting period with the balances given below. Please help fill out the Income Statement and Financial Statements Model! Thank you image text in transcribed
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Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party 3a Sold merchandise for $72,000 under terms 1/10,n/30. 36. Recognized $41.900 of cost of goods sold 4a. Junker's Stash customers returned merchandise that was sold for $2,100 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination Freight costs of $1,650 were paid in cash by the responsible party 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 % % Net sales Cost of goods sold Gross margin Operating expenses 0 0.0 % % % 0 0.0 % 0 0.0 % Total operating expenses Operating income Non-operating items Interest expense Net income % $ 0 0.0 % The expenses for Junker's Stash increase or decrease in Year 2

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