nices Saved 1. Sold merchandise costing $58,500 for $100,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $800 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,100 and were sold to Prentise for $6,000. 4. Granted Prentise a $3,100 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $81,500 cash from accounts receivable. Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Req A Req 81 Req B2 Req B3 Reg C Help Save & C Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow com to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the account is not affected by the event, le every cell will require entry.) POWELL COMPANY Financial Statements Model for Year 3 Event No. Cash Assets Accounts Receivable Stockholders' Equity Income Statement Inventory Common Stock Retained Earnings Revenue -Expenses Net Income Statement of Cash Flows < Prev 6 of 6 Next www Req A Req B1 Req B2 Req 83 Req C Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the account is not affe every cell will require entry.) POWELL COMPANY Financial Statements Model for Year 3 Event No. Cash Assets Accounts Receivable es Bal. 41,000+ Stockholders' Equity Income Statement Inventory Common Stock Retained Net Revenue Expenses Statement of Cash Flows Earnings Income + 87,000= 61,000+ 67,000 1a. 1b. + (58,500)= 100,500+ 58,500 100,500 100,500 2. (800)+ + (800) 800- (800) (800) 3a. 4,100 4,100 3b. + (6,000)+ 4. + (3,100)+ (6,000) (3,100) (6,000) (3,100) 5. 81,500+ (81,500)+ 81,500 Total 121,700+ 9,900+ 32,600 61,000+ 63,100 94,500 59,300 94,700 80,700 C Rog A Req B1 > Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req C ces Prepare an income statement for Powell Company. POWELL COMPANY Income Statement For the Year Ended December 31, Year 3 Operating expenses 0 $ 0 < Req A Req B2 > 10 points Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? eBook Complete this question by entering your answers in the tabs below. Hint Print Req A Req B1 Req[B2 Req B3 Req C References Mc Graw Prepare a balance sheet for Powell Company. POWELL COMPANY Assets Total assets Liabilities Stockholders' equity Balance Sheet As of December 31, Year 3 $ 0 6 Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? bints eBook. Complete this question by entering your answers in the tabs below. Hint Print Req A Req B1 Req B2 Req B31 Req C References Prepare a statement of cash flows for Powell Company. (Cash outflows should be indicated with a minus signi POWELL COMPANY Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flow from operating activities Net cash flow from operating activities Cash finwe from inunation 0 a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. ook int Req A Req B1 Req B2 Req B3 Req C int ences Why would Prentise agree to keep the damaged goods? (Select "Yes" if the item is a reason to agree Get goods at reduced cost. Can resell the damaged goods. Repair the damaged goods.. Retain the damaged goods. Req B3 Reg C >