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Posted on Jul 25, 2024

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $26,400 was sold for $47,520 under

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $26,400 was sold for $47,520 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,450. The merchandise had cost Ozark $1,160. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,752. 5. Interest expense paid amounted to $400. 6. Land that had cost $7,900 was sold for $11,060 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. Determine the amount of net sales. (Round your intermediate calculations and final answer amount.) The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $26,400 was sold for $47,520 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,450. The merchandise had cost Ozark $1,160. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,752. 5. Interest expense paid amounted to $400. 6. Land that had cost $7,900 was sold for $11,060 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. Determine the amount of net sales. (Round your intermediate calculations and final answer amount.) The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $26,400 was sold for $47,520 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,450. The merchandise had cost Ozark $1,160. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,752. 5. Interest expense paid amounted to $400. 6. Land that had cost $7,900 was sold for $11,060 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. Determine the amount of net sales. (Round your intermediate calculations and final answer amount.) The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $26,400 was sold for $47,520 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,450. The merchandise had cost Ozark $1,160. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,752. 5. Interest expense paid amounted to $400. 6. Land that had cost $7,900 was sold for $11,060 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. Determine the amount of net sales. (Round your intermediate calculations and final answer amount.)