The begining account balance for Terrys Auto Shop as of January 1, 2018, follows:

Required Information [The following information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, 2018, follows: Account Titles Cash Inventory Beginning Balances $6,130 3,170 7,380 1.920 S9,170 Common Stock Retained Earnings The following events affected the company during the 2018 accounting peric The follow 1. Purchased merchandise on account that cost $4,140. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $295 cash. 3. Returned $470 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $275 allowance. 5. Sold merchandise that cost $2,660 for $4.770 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $200 cash. 7. Paid $2.930 on the merchandise purchased in Event 1. b. Prepare an income statement and a statement of cash flows for 2018. (Assume that closing entries have been made.) Complete this question by entering your answers in the tabs below. Terry Inc Stmt Terry Stmt CF Prepare an income statement. TERRY'S AUTO SHOP Income Statement For the Year Ended December 31, 2018 Operating expenses of 6 Next >