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Brief Exercise 3-2 (Algo) Effect of purchase returns on the horizontal financial statements model LO 3-2 Marcus Xavier noticed that many small rural towns did not have retail sporting goods outlets. To address this need, Marcus created Xavier Sporting Goods. The business experienced the following events during its first year of operation. 1. Acquired $52,000 cash from the issue of common stock. 2. On February 1, Year 1, Xavier Sporting Goods purchased merchandise inventory for $17,000 on account from True Sports Incorporated. 3. On February 15, Year 1, Xavier Sporting Goods returned $6,000 worth of merchandise inventory to True Sports Incorporated. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Brief Exercise 3-3 (Algo) Effect of cash discounts on the horizontal statements model LO 3-3 Marcus Xavier noticed that many small rural towns did not have retail sporting goods outlets. To address this need, Marcus created Xavier Sporting Goods. The business experienced the following events during its first year of operation. 1. Acquired $88,000 cash from the issue of common stock. 2. On February 1, Year 1, Xavier Sporting Goods purchased merchandise inventory for $63,000 on account from True Sports Incorporated with terms 5/10n/30. 3. On February 8, Year 1, Xavier Sporting Goods paid True Sports Incorporated in cash to settle the payable. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed