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The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $49,500 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $149,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Paid $5,800 for warranty repairs during the year. 8. Paid operating expenses of $52,500 for the year. 9. Paid $125,500 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? Red A Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Reqc Record the given transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, Indicate whether th a financing activity (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole dollar amounts. Not all cells will re OZARK SALES Horizontal Statements Model Income Statement Balance Sheet Liabilities Assets + Stockholders' Equity Event No. Statement of Cash Flows Retained Revenue Expense - Merchandise Inventory Cash Accounts Payable Sales Tax Payable Warranty Payable + Net Income Interest Payable + Notes Payable Common Stock Earnings 1. 49,500 49.500 49,500 (FA 2. 175,500 = 175,500+ + + + + 1 = 3. 213,465 + + 199,500 - 213,465 OA 13,965 + + + + 199,500 124.500 = (124,500) 3b. 199,500 +1 ( (124,500) + (124,500) = + + + + 4. + + + + +1 5. (10.465) + 4 + = 6. - - + + + + 20,500 + (10,465) 20,500 (5,900) (52,500) (125,500) (10.465) OA 20,500 FA (5.800) OA (52.500) OA 7. = + + (5.800) + + +1 8. + + + (52,500) 52.500 = (52,500) = + = (125,500) + + + 9. + + + (125,500) OA 10. 478 + + (478) 22,022 478 = 177.478 = (478) 22,022 Bal. 89,200 + 51,000 = 50,000 + 3,500 + (5.800) + 478 + 20.500 + 49,500 + 1 199,500 89,200 KREGA Req B Inc Stmt > Req A Req B Inc Stmt Reg B Bal Sheet Req B Stmt Cash Flows ReqC Prepare the income statement for Year 1. (Round your answers to the nearest whole dollar.) OZARK SALES Income Statement For the Year Ended December 31, Year 1 Sales revenue Cost of goods sold Gross margin Expenses Operating expenses Warranty expenses Total operating expenses 0 Operating income Net income Req A Req B Inc Stmt Req B Bal Req B Stmt Cash Flows Sheet ReqC Prepare the balance sheet for Year 1. (Round your answers to the nearest whole dollar.) OZARK SALES Balance Sheet As of December 31, Year 1 Assets Cash Merchandise inventory Total assets $ 0 Liabilities Accounts payable Sales tax payable Notes payable Warranties payable Total liabilities $ 0 Stockholders' equity Common stock Retained earnings Total stockholders' equity $ 0 Total liabilities and stockholders' equity $ 0 Req A Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Reqc Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Inflow from customers Inflow from sales tax Outflow for expenses Outflow for sales tax Outflow to purchase inventory $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Inflow from loan Inflow from stock issue 0 0 Net cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance $ 0 Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Req C What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest whole dollar.) Total current liabilities
