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Need help with part B & C Inferring Transactions from Financial Statements Fitbit Inc. is a technology company that designs, manufactures, and sells wearable devices

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Inferring Transactions from Financial Statements Fitbit Inc. is a technology company that designs, manufactures, and sells wearable devices with software and services to help customers reach their health and fitness goals During fiscal 2018, Fitbit purchased Inventory costing $2,182,512 ( thousands). Assume Fitbit makes all purchases on credit and its accounts payable is only used for Inventory purchases. The following T-accounts reflect information contained in the company's fiscal 2017 and 2018 balance sheets (5 thousands) Inventories 2017 al 297,348 2016 Bal 299.00 Accounts Payable 510554 2017 Ball 603,977 2018 a. Use the financial statement effects template to record Fitbits 2018 purchases Note: For each account category, indicate the appropriate account name. Enter "Nik for arvy account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount Income Statement Expenses Cash Asset Contrib. Capital Earned Capital Revenue Balance Sheet Liabilities 2.182.512 Accounts Payable Noncash Assets 2.182,512 Inventories 0 NIA NIA N/A N/A NA b. What amount did it pay in cash to its suppliers during fiscal year 201875 0 Use the financial statement effects template to record cost of goods sold for its fiscal year 2018, Note: For each account category, indicate the appropriate account name. Enter "N/A for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Liabilities Revenues Earned Capital Contrib. Capital Income Statement Expenses 0 Cost of Goods Sold Noncash Assets - Net Income 0 - + 0 0 0 N/A Retained Earnings NA inventories NIA

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