Milo Clothing experienced the following events during Year 1, its first year of operation Acquired $11,000 cash from the issue of common stock Purchased inventory for $6,500 cash Sold inventory costing $3,900 for $6,630 cash Paid $700 for advertising expense Required Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows More specifically, record the amounts of the events into the model Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA)

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Milo Clothing experienced the following events during Year 1, its first year of operation  Acquired $11,000 cash from the issue of common stock  Purchased inventory for $6,500 cash  Sold inventory costing $3,900 for $6,630 cash  Paid $700 for advertising expense  Required  Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows  More specifically, record the amounts of the events into the model  Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA)

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Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $11,000 cash from the issue of common stock. Purchased inventory

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