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The following transactions apply to Ozark Sales for Year 1 : The business was started when the company received $ 4 8 , 5 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 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 c What is the total amount of current liabilities at December Year Complete this question by entering your answers in the tabs below. Req B Inc Req B Bal Req B Stmt Stmt Sheet Cash Flows Show less tableOZARK SALESHorizontal Statements ModeltableEventNoBalance Sheet,Income Statement, tableStatement of CashFlowsAssetstable
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
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
c What is the total amount of current liabilities at December Year
Complete this question by entering your answers in the tabs below.
Req B Inc
Req B Bal
Req B Stmt
Stmt
Sheet
Cash Flows
Show less
tableOZARK SALESHorizontal Statements ModeltableEventNoBalance Sheet,Income Statement,
tableStatement of CashFlowsAssetstable
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