The fellowing tossactions aeply to Cuark Sales for Year t. 1. The buniness was sarted when the compary receved $49.000 from the issue of common stock. 2. Purchased equipment ifventsy of $170000 en account. 3. Sold equpment for 5996.500 cash hoo including sales tax) Sales tax of 8 percent is collected when the merchandise is sold. The merchandipe had a cost of $123,500. 4. Provided a six month warranty on the equipment sold. Based on industy estimates, the warranty ciains woud anount to 4 percent of sales. 5. Paid the saies tar 00 the state agency en 5148,500 of the saies. 6. On September 1, Year 1, borrewed \$20000 frem the local bank. The note hod a 6 percent intesest rase and matured on March 1. Wear 2 . 7. Paid 55.900 for wontanty nepeirs during the yeor 8. Paid operating expenses of $54,500 for the year. 9. Paid 5125.700 of accounts payabie. 10. peconded accrued interest on the note issued in tranaction no. 6 . Repelred a. Record the given trantactions in a horiaprtal statements mosel. b. Prepare the inceme statemest, balance sheet, and statement el cash fows for that 1 . c. What is the tobal amount of current labities at December 3., Weor 1? Complete this questlon by emtering yeur answers in the tabs below. The following transactions apply to Ozark Sales for Year t: 1. The business was started when the company received $48,000 trom the issue of common stock. 2. Purchased equipment inventory of 5177,000 on account. 3. Sold equipment for $198,500 cash (hot including sales taxi. Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123.500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent. of sales. 5. Paid the sales tax to the stase agency on $148,500 of the sales. 6. On September 1, Year 1, boerowed $20.000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,900 for warranty repairs during the year, 8. Paid operating expenses of $54.500 for the year. 9. Paid $125,700 of accounts payable. 10. 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 fows for Year 1 . c. What is the total amount of current liabilites at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 1. (Round your answers to the nearest while dollac) The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company recelved $48,000 from the issue of common stock. 2. Purchased equipment inventory of $177,000 on account. 3. Sold equipment for $198,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $148,500 of the saies. 6. On September 1, Year 1, borrowed $20,000 trom the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,900 for warranty repairs during the year. 8. Paid operating expenses of $54,500 for the year. 9. Paid $125,700 of accounts payable. 10. 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. Prepare the balance sheet for Year 1. (Round your answers to the nearest whole dollar.) The following transactions apply to Ozark Sales for Year t: 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 $198,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $148,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Poid $5,900 for warranty repairs during the year. 8. Paid operating expenses of $54,500 for the year. 9. Paid $125,700 of accounts payable. 10. 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 cosh 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. Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) 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 $198,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $148,500 of the sales. 6. On September 1 , Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1 , Year 2. 7. Paid $5,900 for warranty repairs during the year. 8. Paid operating expenses of $54,500 for the year. 9. Paid $125,700 of accounts payable. 10. 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. What is the total amount of current liabilities at December 31, Year 1 ? (Round your answer to the nearest whole dollar.)