need help on all questions attached, basic accounting questions. I was a history major in college and this stuff isn't clicking in my brain, questions are on (problem) sheets and (worksheets) are where you post the answers

OZARK CORPORATION Statement of Cash Flows (Indirect Approach) For the Year Ending December 31, 20X5 Cash flows from operating activities: Net income $ - Add (deduct) noncash effects on operating income Depreciation expense $ - Increase in accounts receivable - Decrease in inventory - Increase in prepaid insurance - Decrease in accounts payable - Decrease in interest payble - Increase in income taxes payable - Net cash provided by operating activities $ - Cash flows from investing activities: Purchase of equipment $ - Net cash used by investing activities - Cash flows from financing activities: Proceeds from issuing stock Dividends on common $ - Net cash provided by financing activities Net decrease in cash $ Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 - $ - Roll Call manufactures a unique key chain with a built-in radio frequency identification chip. This device is issued to students at State University, and a host computer tracks student attendance at each class by automatically monitoring the whereabouts of the key chains. Roll Call's ending inventory at December 31, 20X3 was $1,670,000. However, this value was transposed and entered into the accounting system at $1,760,000. As a result, ending inventory was overstated and cost of goods sold was understated by $90,000. This error was discovered in March of 20X4, when the CFO was preparing a presentation for potential investors. The 20X3 books had long-since been closed, and financial reports were already released. The CFO proposed to correct the error by debiting Cost of Goods Sold and crediting Inventory for $90,000. Net income for 20X3 was $900,000, and 20X4 should be at about the same level. (a) What is the appropriate journal entry to correct the error? You may assume the firm uses a periodic inventory system, and the balance of the Inventory account is shown as $1,760,000. (b) In the CFO presentation to potential investors, how much should be reported as 20X3 net income? How much should be reported as inventory on hand at December 31, 20X3? (c) Is the amount of the error material? If you are an accountant for Roll Call and instructed by the CFO to record the erroneous entry, what should you do? (a) GENERAL JOURNAL Date Mar. 20X4 (b) (c) Accounts Debit Credit Melanie Mielke Construction Corporation is considering the appropriate accounting for two unrelated events during the year. The first event related to the effects of a labor strike that resulted in a work stoppage on a major construction project. $2,000,000 of building material that was left exposed to weather conditions during the strike was lost. The construction trade relies heavily on unionized labor and strikes are a common negotiating tool. The second event was a $3,000,000 gain related to the sale of valuable antiquities that were excavated at a construction site. This event Melanie Mielke's annual sales were $9,000,000, at a gross margin of 15%. Selling expenses totaled $300,000, and was completely unexpected. administrative expenses totaled $800,000. Mielke is subject to a 30% income tax rate. Prepare the 20XX income statement for Melanie Mielke Construction Corporation. MELANIE MIELKE CONSTRUCTION COMPANY Income Statement For the Year Ending December 31, 20XX Sales $ Cost of goods sold - Gross profit $ - Operating expenses $ - $ - $ $ - - Net income $ - Ozark Corporation reported net income of $100,000 for 20X5. The income statement revealed sales of $1,000,000; gross profit of $520,000; selling and administrative costs of $340,000; interest expense of $20,000; and income taxes of $60,000. The selling and administrative expenses included $25,000 for depreciation. No equipment was sold during the year. Equipment purchases were made with cash. Prepaid insurance included in the balance sheet related to administrative costs. All accounts payable included in the balance sheet relate to inventory purchases. The change in retained earnings is attributable to net income and dividends. The increase in common stock and additional paid-in capital is due to issuing additional shares for cash. Using the direct approach, prepare a statement of cash flows (excluding the supplemental reconciliation of net income to operating cash flow) for Ozark for the year ending December 31, 20X5. Comparative balance sheets for Ozark follow. OZARK CORPORATION Balance Sheet December 31, 20X4 and 20X5 Assets Cash 20X5 $ 458,700 20X4 $ 471,450 Accounts receivable 199,250 171,500 Inventories 248,600 278,800 13,000 11,000 250,000 250,000 1,500,000 1,300,000 Prepaid insurance Land Building and equipment Less: Accumulated depreciation Total assets (205,000) (180,000) $ 2,464,550 $ 2,302,750 $ 85,700 $ 93,400 Liabilities Accounts payable Interest payable 10,500 15,000 Income taxes payable 22,000 8,000 Common stock 710,000 700,000 Paid in capital in excess of par 990,000 900,000 Retained earnings 646,350 586,350 Stockholders' equity Total liabilities and equity $ 2,464,550 $ 2,302,750 OZARK CORPORATION Statement of Cash Flows (Direct Approach) For the Year Ending December 31, 20X5 Cash flows from operating activities: Cash received from customers 972,250 $ - Less cash paid for: Merchandise inventory Selling and administrative expenses (774,500) Interest - Income taxes (46,000) Net cash provided by operating activities 151,750 $ 151,750 Cash flows from investing activities: Purchase of equipment $ (200,000) Net cash used by investing activities (200,000) Cash flows from financing activities: Proceeds from issuing stock Dividends on common $ 10,000 (40,000) Net cash provided by financing activities Net decrease in cash (30,000) $ Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 Cash received from customers: Cash paid for inventory: Cash paid for selling and admin.: Cash paid for interest: Cash paid for income taxes: (78,250) 471,450 $ 458,700 Ozark Corporation reported net income of $100,000 for 20X5. The income statement revealed sales of $1,000,000; gross profit of $520,000; selling and administrative costs of $340,000; interest expense of $20,000; and income taxes of $60,000. The selling and administrative expenses included $25,000 for depreciation. No equipment was sold during the year. Equipment purchases were made with cash. Prepaid insurance included in the balance sheet related to administrative costs. All accounts payable included in the balance sheet relate to inventory purchases. The change in retained earnings is attributable to net income and dividends. The increase in common stock and additional paid-in capital is due to issuing additional shares for cash. Using the indirect approach, prepare a statement of cash flows for Ozark for the year ending December 31, 20X5. Comparative balance sheets for Ozark follow. OZARK CORPORATION Balance Sheet OZARK CORPORATION December 31, 20X4 and 20X5 Statement of Cash Flows (Indirect Approach) For the Year Ending December 31, 20X5 Assets Cash 20X5 $ 458,700 20X4 $ 471,450 Net income Add (deduct) noncash effects on operating income Accounts receivable 199,250 171,500 Inventories 248,600 278,800 13,000 11,000 250,000 250,000 1,500,000 1,300,000 Prepaid insurance Land Building and equipment Less: Accumulated depreciation Total assets (205,000) $ 2,464,550 (180,000) $ 2,302,750 Liabilities Accounts payable $ 85,700 $ Cash flows from operating activities: Depreciation expense $ $ 2,464,550 $ 2,464,550 - Increase in accounts receivable - Decrease in inventory - Increase in prepaid insurance - Decrease in accounts payable - Decrease in interest payble Increase in income taxes payable Net cash provided by operating activities - 93,400 Interest payable 10,500 15,000 Income taxes payable 22,000 8,000 Stockholders' equity Cash flows from investing activities: Purchase of equipment $ - Net cash used by investing activities Common stock 710,000 700,000 Paid in capital in excess of par 990,000 900,000 Retained earnings 646,350 586,350 - Total liabilities and equity $ 2,464,550 $ 2,302,750 Cash flows from financing activities: Proceeds from issuing stock $ Dividends on common Net cash provided by financing activities Net decrease in cash Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 $ 2,464,550 - $ - OZARK CORPORATION Statement of Cash Flows (Indirect Approach) For the Year Ending December 31, 20X5 Cash flows from operating activities: Net income $ - Add (deduct) noncash effects on operating income Depreciation expense $ - Increase in accounts receivable - Decrease in inventory - Increase in prepaid insurance - Decrease in accounts payable - Decrease in interest payble - Increase in income taxes payable - Net cash provided by operating activities $ - Cash flows from investing activities: Purchase of equipment $ - Net cash used by investing activities - Cash flows from financing activities: Proceeds from issuing stock Dividends on common $ - Net cash provided by financing activities Net decrease in cash $ Cash balance at January 1, 20X5 Cash balance at December 31, 20X5 - $