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2 Delivered the goods to Prentise under terms FOB destination. Transportation costs were $800 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,900 and were sold to Prentise for $7,200 4. Granted Prentise a $2,900 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $82,000 cash from accounts receivable. Required a. Record the events in a horizontal financial statements model b. Prepare an income statement, a balance sheet, and a statement of cash flows Complete this question by entering your answers in the tabs below. ROA Reg Bi Reg 2 Ren 3 Record the events in a hortzontal financial statements model in the Cash Flow column, use the initials OA to designate operating activity, IA for investir activity and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the statement of a an input - leave cells blank if there is no corresponding input needed.) Event No. POWELL COMPANY Financial Statements Model for Years Asset Stockholders' Equity Income Statement Account Common Retained Inventory Reculvable Stock Earnings Revenue Expenses Income 1+ 77.000 58.000 58,000 Cash Nar Statement of Cash Flows a9.000 Bal la. 1b. 2. 3a 35 4 5 Total 29.000 77.000 58000 59.000 Req81 > Powell Company began the Year 3 accounting period with $39,000 cash. $77,000 inventory, $58,000 common stock, and $58,000 retained earnings. During Year 3, Powell experienced the following events: 1 Sold merchandise costing $48,500 for $102,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Transportation costs were $800 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,900 and were sold to Prentise for $7,200. 4. Granted Prentise a $2,900 allowance for damaged goods that Prentise agreed to keep S. Collected partial payment of $82,000 cash from accounts receivable. Required a. Record the events in a horizontal financial statements model. b. Prepare an income statement, a balance sheet, and a statement of cash flows Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg 02 Reg B3 Prepare a Income statement for Powell Company, POWELL COMPANY Income Statement For the Year Ended December 31. Years Operating expenses 1. Sold merchandise costing $48,500 for $102,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Transportation costs were $800 cash. 3. Received returned goods from Prentise. The goods cost Powell $4.900 and were sold to Prentise for $7,200. 4. Granted Prentise a $2,900 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $82,000 cash from accounts receivable. Required a. Record the events in a horizontal financial statements model b. Prepare an income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Reg A Reg 1 Reg 2 Reg B3 Prepare a balance sheet for Powell Company POWELL COMPANY Balance Sheet As of December 31 Year 3 Assets Total assets Liabilitas Stockholders aquity Total stockholders' equity Totaabisses and stockholders'equity 0