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On April 6, 2018, Home Furnishings purchased $42,000 of merchandise from Una's Imports, terms 1/10 n/45. On April 8, Home Furnishings returned $8,800 of the
On April 6, 2018, Home Furnishings purchased $42,000 of merchandise from Una's Imports, terms 1/10 n/45. On April 8, Home Furnishings returned $8,800 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15, 2018 Required a. What is the amount that Home Furnishings must pay Una's Imports on April 15? b. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. c. How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20, 2018? d. Record the payment of the merchandise in Requirement (c) in a horizontal statements. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Answer is not complete. Complete this question by entering your answers in the tabs below Required A Required B Required CRequired D Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.) HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet Income Statement Statement of Cash Flows Events Assets Liabilities + Stockholders' Equity Retained RevenueExpenses Earnings Net Income Merchandise 42,000 (8,800) (332) 32,868 Common Stock Cash Payable 42.000 (8,800) (332) Invento Purchase inventory Return inventory = Paid accounts 32,868 + 32,868 OA able
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