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Powell Company began the Year 3 accounting period with $36.000 cash. $74,000 inventory $55,000 common stock, and $55,000 retained earings. During Year 3. Powell experienced the following events: 1. Sold merchandise costing $47,000 for $99,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Transportation costs were $700 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,600 and were sold to Prentise for $6,600. 4. Granted Prentise a $2.600 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $79,000 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 Rea 1 Reg 02 Reg 3 Prepare a statement of cash flows for Powell Company. (Corsh outflow should be indicated with a minussion.) POWELL COMPANY Statementot Cash Flow For the Year Ended December 31, Year 3 Cash flow from operating activities Netcash flow from operating activites 5 0 Reg A Reg 31 Req B2 Reg B3 Record the events in a horizontal financial statements model in the Cash Flow column, use the initials OA to designate operating activity, IA for in 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 an input leave cells blank if there is no corresponding input needed.) Assets Accounts Receivable Event No POWELL COMPANY Financial Statements Model for Year Stockholders' Equity Income Statement Common Retained Net Inventory Stock Earnings Ravenue Expenser Income 74.000 55.000 55.000 Cash Statement of Gas Flows 36,000 Bal 10 16 2 ta ab 4 5 Total 30 000 0 74.000 55,000 55.000 Prepare a income statement for Powell Company POWELL COMPANY Income Statement For the Year Ended December 31, Year 3 0 Operating expenses $ prepared balance sheet for Powell Company POWELL COMPANY Balance Sheet As of December 31, Year 3 Assets S 0 Total assets Liabilities Stockholders equity Total stockholders' equity Total liablities and stockholders oquity 0 0 $ u with a minus sign POWELL COMPANY Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flow from operating activities $ $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Nel change in cash 0 Ending cash balance S 0