Required Information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased merchandise Inventory of $380,000 on account. 3. Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise Is sold. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold. Based on Industry estimates, the warranty claims would amount to 2 percent of sales. 5. Pald the sales tax to the state agency on $400,000 of the sales. 6. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent Interest rate and matured on March 1, Year 2. 7. Pald $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. b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Complete this question by entering your answers in the tabs below. Reg B1 Req B2 Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) View transaction list View journal entry worksheet No General Journal Credit Event 01 Debit 50,000 A Cash Common stock 50.000 B 02 Merchandise inventory Cash 380,000 380,000 Required Information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased merchandise Inventory of $380,000 on account. 3. Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise Is sold. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold. Based on Industry estimates, the warranty claims would amount to 2 percent of sales. 5. Pald the sales tax to the state agency on $400,000 of the sales. 6. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent Interest rate and matured on March 1, Year 2 7. Pald $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. b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Post the transaction to the appropriate T-accounts. (Round your answers to the nearest dollar amount.) Cash Merchandise Inventory Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Payable Sales Tax Payable Req c1 Reg C2 Reg C3 Prepare the income statement for Year 1. (Round your answers to the nearest dollar.) OZARK SALES Income Statement For the Year Ended December 31, Year 1 Sales revenue Expenses Total operating expenses Req ci Reg C2 Reg C3 Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar.) OZARK SALES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Prepare the statement of cash flows for Year 1. Round your answers to the nearest dollar to be deducted with a minus sign.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: 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 Ending cash balance
