plz help multi step accounting problem
The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,000 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account. 3. Sold equipment for $204,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $129,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $154,500 of the sales. 6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,700 for warranty repairs during the yeat. 8. Paid operating expenses of $53,500 for the year. 9. Paid $124,300 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no, 6 , Required a. Record the given transactions in a horizontal statements model. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 , c. What is the total amount of current liabilities at December 31, Year 1 ? Complete this questlon by entering your answers In the tabs below. Record the given transactions in a hoctrontal statements model. (Enter any decreases to account balances and cath outhoms with a miaus sign. in the Cash Fiow columi a financing activity (VA), and leave the cell blank if there is no effect. Do not round intermediate calculaboss and round your answers to the nearest whole dallar atrount ransactions in a horkontal statements model. (Enter any decreases to account balances and cash outfiows with a minus sign. In the Cash Flow column, indicate whether ' (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations arid round your answirs to the nearest whole dollar amounts. Not all cells will Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 1. (Round your answers to the nearest whole c Prepare the balance sheet for Year 1 . (Round your answers to the nearest whole dollar.) Prepare the statement of cash flows for Year 1. (Cash outflows should be indic 5. Paid the sales tax to the state agency on $154,500 of the sales. 6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 6 percent interest rate and mati 2. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $53,500 for the year. 9. Paid $124,300 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Required a. Record the given transactions in a horizontal statements model. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 . c. What is the total amount of current liabilities at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. What is the total amount of current liabilities at December 31 , Year 1 ? (Round your answer to the nearest whole dollar)
