Acqueed arived Reculined (CE). whet, and a eaienint of cail fovis Problem 4-2bA Mehiuep def cennse kicr itceme statement Required the wistreth (is that jrat 3 prious. Required (CE) winel Beavered Hequibed Problem 4.28A Campetsendir orle perthet, and a clutinnat of cantr nives. \begin{tabular}{c} 2,43,44,45 \\ 47 \\ e1ce \\ \hline \end{tabular} EK FIGURES Income: $11,364 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $15,200 on account from Ross Company under terms 1/10, n/30. The merchandise wus delivered FOB shipping point. Transportation costs of $200 were paid in cash. 2. Returned $800 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return transportation cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $18,000 for $32,000 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $800 and was sold to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21,100 of inventory was on hand at the end of the accounting period During Year 2, the company experienced the following ovents: 1. Purchased inventory that coss $15,200 on account from Ross Company under ternis 1/ id, nhat The merchandise was delivered FOB shipping point. Transportation costs of $200 were paicd in cash 2. Returned $800 of the inventory it had purchased because the inventory was damaged in tratise, The seller agreed to pay the return transportation cost. 3. Pald the amount due on its account payable to Ross Company within the cish disconint nernit. 4. Sold inventory that had cost $18,000 for $32,000 on account, under terms 2/10,n/45, 5. Received merchandise returned from a customer. The merchandise originally cost $800 and wai whl to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchantite. 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cah 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21, 100 of inventory was on hand at the end of the accuuntis period, Required a. Identify these esents as asset source (AS), nsset use (AU), asset exchange (AE), or claims cichare (CE). b. Record each event in a horizontal financial statements model like the following one: to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchastice 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cibh. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21,100 of inventory was on hand at the end of the ascourth period. Required a. Identify these events as asset source (AS), asset use (AU), asset exchange (AE), or clutims eichay (CE). b. Record cach event in a horizontal financial statements model like the following one: c. Prepare a multistep income statement, a statement of changes in stockholders' cquity, a bulant sheet, and a statement of cash flows. Problem 4-26A Multistep and common size income statements Acqueed arived Reculined (CE). whet, and a eaienint of cail fovis Problem 4-2bA Mehiuep def cennse kicr itceme statement Required the wistreth (is that jrat 3 prious. Required (CE) winel Beavered Hequibed Problem 4.28A Campetsendir orle perthet, and a clutinnat of cantr nives. \begin{tabular}{c} 2,43,44,45 \\ 47 \\ e1ce \\ \hline \end{tabular} EK FIGURES Income: $11,364 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $15,200 on account from Ross Company under terms 1/10, n/30. The merchandise wus delivered FOB shipping point. Transportation costs of $200 were paid in cash. 2. Returned $800 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return transportation cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $18,000 for $32,000 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $800 and was sold to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21,100 of inventory was on hand at the end of the accounting period During Year 2, the company experienced the following ovents: 1. Purchased inventory that coss $15,200 on account from Ross Company under ternis 1/ id, nhat The merchandise was delivered FOB shipping point. Transportation costs of $200 were paicd in cash 2. Returned $800 of the inventory it had purchased because the inventory was damaged in tratise, The seller agreed to pay the return transportation cost. 3. Pald the amount due on its account payable to Ross Company within the cish disconint nernit. 4. Sold inventory that had cost $18,000 for $32,000 on account, under terms 2/10,n/45, 5. Received merchandise returned from a customer. The merchandise originally cost $800 and wai whl to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchantite. 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cah 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21, 100 of inventory was on hand at the end of the accuuntis period, Required a. Identify these esents as asset source (AS), nsset use (AU), asset exchange (AE), or claims cichare (CE). b. Record each event in a horizontal financial statements model like the following one: to the customer for $1,500 cash. The customer was paid $1,500 cash for the returned merchastice 6. Delivered goods FOB destination in Event 4. Transportation costs of $140 were paid in cibh. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $21,100 of inventory was on hand at the end of the ascourth period. Required a. Identify these events as asset source (AS), asset use (AU), asset exchange (AE), or clutims eichay (CE). b. Record cach event in a horizontal financial statements model like the following one: c. Prepare a multistep income statement, a statement of changes in stockholders' cquity, a bulant sheet, and a statement of cash flows. Problem 4-26A Multistep and common size income statements
