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The following transactions apply to Ozark Salles 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 $177,000 on account. 3. Sold equipment for $194,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise Is sold. The merchandise had a cost of $119,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $144,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2 7. Paid $5.700 for warranty repairs during the year. B. Pald operating expenses of $53,500 for the year. 9. Paid $124.400 of accounts payable. D. Recorded accrued Interest on the note issued in transaction no. 6. Required a. Reco 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 12 Complete this question by entering your answers in the tabs below. Reg A Req B Inc Req B Bal Req B Stmt Reqc Sheet Stmt Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash 0 Ending cash balance 0 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 $177,000 on account. 3. Sold equipment for $194.500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise Is sold. The merchandise had a cost of $119,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $144,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 5 percent Interest rate and matured on March 1. Year 2 7. Pald $5700 for warranty repairs during the year. B. Pald operating expenses of $53,500 for the year. 9. Pald $124.400 of accounts payable. D. 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. Req A Req B Inc Req B Bal Req B Stmt Sheet Stmt Reqc Prepare the income statement for Year 1. (Round your answers to the nearest whole dollar) OZARK SALES Income Statement For the Year Ended December 31, Year 1 Expenses Total operating expenses The following transactions apply to Ozark Sales for Yeart: 1. The business was started when the company received $48,000 from the issue of common stock. 2. Purchased equipment Inventory of $177,000 on account. 3. Sold equipment for $194,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise Is sold. The merchandise had a cost of $119,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $144,500 of the sales. 6. On September 1, Year 1, borrowed $20.500 from the local bank. The note had a 5 percent interest rate and matured on March 1 Year 2. 7. Pald $5700 for warranty repairs during the year. B. Pald operating expenses of $53,500 for the year. 9. Pald $124.400 of accounts payable. D. 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 abilities at December 31, Year 1? Complete this question by entering your answers in the tabs below. Rega Rea B Inc Reg B Bal Req B Reqc Stmt Sheet Stmt Record the given transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole dollar amounts. Not all cells will require entry) Show less OZARK SALES Horizontal Statements Model Balance Sheet Income Statement Event Assets Liabilities + Stockholders' Equity Statement No. Net of Cash Merchandise Sales Accounts Warranty Tax Cash + Interest Notes Common Retained Revenue - Expense - Income Flows Inventory Payable Payable Payable Payable Payable Stock Earnings 1. 2. . + + 3b. + 4. + + + 5. 6. 7. 8. 9. 10. + Bal. 0+ 0 0= 0 + + + + + + + + + + + + + + + + + + + = + + + + + + + + + + + + + + + + + + + + + + = + + + = + + + + + + + + + + 01 + 1+ = 0 01+ 01 + ReqA Req B Inc Stmt >