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The following transactions apply to Ozark Sales for Year 1 : The business was started when the company received $ 4 9 , 0 0
The following transactions apply to Ozark Sales for Year :
The business was started when the company received $ from the issue of common stock.
Purchased equipment inventory of $ on account.
Sold equipment for $ cash not including sales tax Sales tax of percent is collected when the merchandise is sold. The merchandise had a cost of $
Provided a sixmonth warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to percent of sales.
Paid the sales tax to the state agency on $ of the sales.
On September Year borrowed $ from the local bank. The note had a percent interest rate and matured on March Year
Paid $ for warranty repairs during the year.
Paid operating expenses of $ for the year.
Paid $ of accounts payable.
Recorded accrued interest on the note issued in transaction no
b Prepare the income statement for Year Note: Round your answers to the nearest dollar amount.
b Prepare the balance sheet for Year Note: Round your answers to the nearest dollar amount.
b Prepare the statement of cash flows for Year Note: Enter amounts to be deducted and cash outflows with a minus sign. Round your answers to the nearest whole dollar.
c What is the total amount of current liabilities at December Year Note: Round your answer to the nearest dollar amount.
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