Required information Exercise 7-21 Current Ilabilities LO 7-1,7-2, 7-4, 7-10 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $50,000 from the issue of common stock 2. Purchased equipment Inventory of $380,000 on account 3. Sold equipment for $510,000 cash (not including sales tax Sales tsx of 8 percent is collected when the merchandises sold. The merchandise has a cost of $330,000. 4. Provided a six- month warranty on the equipment sold. Based on Industry estimates, the warranty claims would amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400.000 of the sales. 6. On September 1, 2018, borrowed $50,000 from the local bank. The note had s 4 percent interest rate and matured on March 1, 2019 7. Paid $6.200 for warranty repairs during the year. 8. Paid perting expenses of $78,000 for the year 9. Paid $250,000 of accounts payable. 10. Recorded accrued Interest on the note issued in transaction no. 6. Exercise 7-21 Part b b. Prepare the income statement, balance sheet and statement of cash flows for 2018 Complete this question by entering your answers in the tabs below. Re Bine Sumt ROBB Sht RB Sim Cash Flows Prepare the income statement for 2018. (Do not round intermediate calculations and round your answer to nearest whole dollar) OZARK BALEB Income Statement For the Year Ended December 31, 2018 Expenses Total operating expenses Regine Bet Raq B Bal theat> Required information Exercise 7-21 Current Ilabilities LO 7-1,7-2, 7-4, 7-10 [The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $50,000 from the issue of common stock 2. Purchased equipment Inventory of $380.000 on account 3. Sold equipment for $510,000 cash not including sales tax Sales tsx of 8 percent is collected when the merchandises sold. The merchandise had a cost of $330,000 4. Provided a six- month warranty on the equipment sold. Based on Industry estimates, the warranty claims would smount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400.000 of the sales. 6. On September 1, 2018, borrowed $50.000 from the local bank. The note hd s 4 percent interest rate and matured on March 1, 2019 7. Paid $6.200 for warranty repairs during the year. 8. Peid operating expenses of $78,000 for the year 9. Paid $250.000 of accounts payable 10. Recorded accrued Interest on the note issued in transaction no. 6. Exercise 7-21 Part b b. Prepare the income statement, balance sheet, and statement of cash flows for 2018. Complete this question by entering your answers in the tabs below. RB Inc Samt Sht RB Sim Cash Flows Prepare the balance sheet for 2018. Do not roun round your answer to nearest whole dollar)... OZARK BALES Balance Bhart As of December 21, 2018 Accets Totalt Llabilities Total abilities Stockholders' equity Total scholars' equity Totalities and stockholly Required information Exercise 7-21 Current Ilabilities LO 7-1,7-2, 7-4, 7-10 {The following Information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $50.000 from the issue of common stock 2. Purchased equipment Inventory of $380.000 on account 3. Sold equipment for $510,000 cash not including sales tax. Sales tax of B percentis collected when the merchandise is sold. The merchandise had a cost of $330,000 4. Provided a six-month warranty on the equipment sold. Based on Industry estimates, the warranty claims would smount to 2 percent of sales 5. Paid the sales tax to the state agency on $400.000 of the sales. 6. On September 1, 2018, borrowed $50.000 from the local bank. The note had 4 percent interest rate and matured on March 1, 2019 7. Paid $6,200 for warranty repairs during the year. 8. Pald operating expenses of $78,000 for the year 9. Pald $250.000 of accounts payable. 10. Recorded accrued Interest on the note issued in transaction no. 6. Exercise 7-21 Part b b. Prepare the income statement balance sheet and statement of cash flows for 2018 Complete this question by entering your answers in the tabs below. RB Inc RB Bal Shout S RB Sim Cash Flows Prepare the statement of cash flows for 2018. (Amounts to be deducted should be indicated with a minus sign.) OZARK SALES Statement of Cach Flow For the Year Ended December 31, 2018 Cash flows from operating activities Not cash flow from operating activities Cashflows from investigado Cashflows from financing actos Not cashows from fronding Not change in cash Ending cash balance
