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please help me with this question. make sure to answer all for a up vote. thanks! The Pet Store expenenced the following events for the
please help me with this question. make sure to answer all for a up vote. thanks!
The Pet Store expenenced the following events for the Year 1 accounting period: 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased $78,000 of inventory on account. 3. Recelved goods purchased in Event 2 FOB shipping point; freight cost of $1,400 paid in cash 4. Sold inventory on account that cost $44,000 for $83,000 5. Frelght cost on the goods sold in Event 4 was $1,200. The goods were shipped FOB destination. Cash was paid for the freight cost: 6. Customer in Event 4 returned $5,360 worth of goods that had a cost of $2,730 7. Collected $68,060 cash from accounts receivable 8. Paid $64,000 cash on accounts payable 9. Paid $3,360 cash for advertising expense 10. Paid $3,570 cash for insurance expense. Required a. Which of these events affect penod (selling and administrative) costs? Which result in product costs? b. Record the above events in a norizontal 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 biank. The first event is recorded as an example. Complete this auestion by entering your answers in the tabs below. Which of thene events affect period (selling and administrative) costs? Which result in product costs? (Not all celis require entry.) Cemplete this quection by entering veur answers in the tabs below. Record the above evernte in a harizontul statement madel. th the Cash Mow column, use on to desianate operating activity, ia for investment activity, Fa for finanding activity, of ne for net thange noor al tall recuire entry Step by Step Solution
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