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Posted on Jul 17, 2024

Powell Company began the Year 3 accounting period with $40,000 cash, $78,000 inventory. $59.000 common stock, and $59,000 retained earnings. During Year 3. Powell experienced

Powell Company began the Year 3 accounting period with $40,000 cash, $78,000 inventory. $59.000 common stock, and $59,000 retained earnings. During Year 3. Powell experienced the following events 1. Sold merchandise costing $49,000 for $103.000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash 3. Received returned goods from Prentise. The goods cost Powell $5,000 and were sold to Prentise for $7,400. 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to k. 5. Collected partial payment of $83,000 cash from accounts receivable. Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Reg A Re B1 Req B2 Reg C Req B3 Record the events in a statements model shown below. (Enter any decreases to account to designate operating activity, IA for investing activity, FA for financing activity, or NC for every cell will require entry.) POWELL COMPANY Financial Statements Model for Year 3 Assets Stockholders' Equity Income Event No. Accounts Common Retained Cash + Inventory Revenue Receivable Stock Earnings Exp Bal. 40,000 + 78,000 59,000+ 59,000 11 1a 1b. + + + + + + + II + Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Reqc Record the events in a statements model shown below. (Enter any decreases to account ! to designate operating activity, IA for investing activity, FA for financing activity, or NC for every cell will require entry.) POWELL COMPANY Assets Event No. Financial Statements Model for Year 3 Stockholders' Equity Income Common Retained + Inventory = + Revenue Exp Stock Earnings 78,000 = 59,000 + 59,000 Accounts Receivable Cash Bal. 40,000 + 1a. + + + + + 1b. 1111111 2. . 3b. 4. + + + +++++ 11111111 + + + + + 5. Total 40,000 + 78,000 59,000 + 59,000 Rega eBook ur answers in the tabs below. Hint Reqc Req B3 hown below. (Enter any decreases to account balances and cash outflows with a minus sign. ting activity, FA for financing activity, or NC for net change in cash. If the account is not affe Print POWELL COMPANY References = Financial Statements Model for Year 3 Stockholders' Equity Income Statement Common Retained Net y = Stock Revenue Earnings Expenses = Income 30E 59,000 + 59,000 Statement of Cash Flows III = + II | 1111111111 + + + IIIIIIIII IIIIII 59,000 + 59,000 0 ROO Rea B1 Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Reg B3 Reg C Reg B2 Req A Reg B1 Prepare an income statement for Powell Company. POWELL COMPANY Income Statement For the Year Ended December 31, Year 3 0 Operating expenses $ 0 Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and a statement of cash flows. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Req B3 Reqc Reg B2 Reg A Req B1 Prepare a balance sheet for Powell Company POWELL COMPANY Balance Sheet As of December 31, Year 3 Assets $ 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity 0 ( Req B1 Req B3 > BE homework (Chap! NIE LOUIS TELEVaule. 3. LUNCLICU para paytreLUIDOS, Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and a statement of cash flows. . Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Reg C Reg B3 Req B2 Req B1 Req A Prepare a statement of cash flows for Powell Company. (Cash outflows should be indicate 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: Net change in cash 0 $ 0 Ending cash balance keep 5. Collected partial payment of $83,000 cash from Required 1. Record the events in a statements model shown below. . Prepare an income statement, a balance sheet, and a statement of cash : Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below Reqc Req B2 Reg B3 Req A Req B1 Why would Prentise agree to keep the damaged goods? (Select "Yes" if the Get goods at reduced cost. Can resell the damaged goods. Repair the damaged goods. Retain the damaged goods.