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During Year 1. Hardy Merchandising Company purchased $23,000 of inventory on account. Hardy sold inventory on account that cost $17,300 for $25,900. Cash payments on accounts payable were $14,400. There was $23,100 cash collected from accounts receivable. Hardy also paid $4,300 cash for operating expenses. Assume that Hardy started the accounting period with $19,500 in both cash and common stock Required a. Record the events in a horizontal statement model in the Cash Flow column, use OA to designate operating activity, IA for Investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank b. What is the balance of accounts receivable at the end of Year 17 c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. erences Complete this question by entering your answers in the tabs below. Reg Reg tot Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus HARDY MERCHANDISING COMPANY Effect of Events on the Financial Statements Income Statement stockholders' Equity Statement of Cash Account Cash Accounts Common Net Inventory Retained Revenue - Expenses Flows Receivable Income Payable Stock Beg be 19.500 19.500 b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. Complete this question by entering your answers in the tabs below. ON Reg Req B to E Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minuss Event Assets Accounts Receivable HARDY MERCHANDISING COMPANY Effect of Events on the Fincial Statements Balance Sheet Income Statement Liabilities + Stockholders' Equity Net Accounts Common Inventory Revenue - Expenses - Retained Income Payable Stock Earings 19.500 Statement of Cash Flows Cash + 19.500 Beg. bal 1 2a + + 2h 3 . 4 5 - End.ba + Reg B to E > ACTIV change in cash. If the element is not affected by the event, leave the cell blank. b. What is the balance of accounts receivable at the end of Year 1? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1? e. Determine the amount of net cash flow from operating activities. sk Complete this question by entering your answers in the tabs below. ht Req Reg B to E What is the balance of accounts receivable, accounts payable, amounts of gross margin, net income and net cash flow from operating activities at the end of Year 17 (Indicate cash outflows with minus sign.) rences b. Accounts receivable c. Accounts payable d. Gross margin Net income . Net cash flow from operating activities (Reg A Resto
