The following information was drawn from the Year 1 accounting records of Ozark Merchandisers Inventory that had cost $15,000 was sold for $27,000 under terms 2 20, net 30 Customers returned merchandise to Ozark five days after the purchase The merchandise had been sold for a price of $660 The merchandise had cost Ozark $400 All customers paid their accounts within the discount period Selling and administrative expenses amounted to $2,835 Interest expense paid amounted to $200 Land that had cost $6,000 was sold for $6,900 cash Required a Determine the amount of net sales b Prepare a multistep income statement c Where would the interest expense be shown on the statement of cash flows d How would the sale of the land be shown on the statement of cash flows Complete this question by entering your answers in the tabs below Req A Req B Red C and D Prepare a multistep income statement (Round your intermediate calculations and final answer to the nearest whole dollar amount Amounts to be deducted and losses should be indicated with a minus sign ) OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 Net sales Cost of goods sold Gross margin Operating expenses Selling and administrative expenses Non operating items $ 0 Complete this question by entering your answers in the tabs below Req A Req B Req C and D C Where would the interest expense be shown on the statement of cash flows D How would the sale of the land be shown on the statement of cash flows c Where is interest expense shown d How is the sale of land shown is shown in

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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inventory that had cost $15,000 was sold for $27,000 under terms

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers:

Inventory that had cost $15,000 was sold for $27,000 under terms 2/20, net/30.
Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $660. The merchandise had cost Ozark $400.
All customers paid their accounts within the discount period.
Selling and administrative expenses amounted to $2,835.
Interest expense paid amounted to $200.
Land that had cost $6,000 was sold for $6,900 cash.

Required

a. Determine the amount of net sales. b. Prepare a multistep income statement. c. Where would the interest expense be shown on the statement of cash flows? d. How would the sale of the land be shown on the statement of cash flows?

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Complete this question by entering your answers in the tabs below. Req A Req B Red C and D Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 Net sales Cost of goods sold Gross margin Operating expenses Selling and administrative expenses Non-operating items $ 0 Complete this question by entering your answers in the tabs below. Req A Req B Req C and D C. Where would the interest expense be shown on the statement of cash flows? D. How would the sale of the land be shown on the statement of cash flows? c. Where is interest expense shown? d. How is the sale of land shown? is shown in