Duting Year 1. Cowboy Ice Cream Company (CIC) purchased $28,000 of inventory on account CIC sold inventory on account that cost $21.000 for $31,500. Cash payments on accounts payable were $17.500 There was $28.000 cash collected from accounts receivable CIC also paid $4,800 cash for operating expenses Assume that CIC started the accounting period with $22.000 in both cash and common stock Required o. Record the events in a horizontal statement model in the Cash Flow column, use OA to designate operating activity. IA for Investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank b. What is the balance of accounts receivable at the end of Year 12 c. What is the balance of accounts payable at the end of Year 12 d. What are the amounts of gross margin and net income for Year e. Determine the amount of net cash flow from operating activities 22 Income Statement Event Assets Accounts Receivable Elect of Events on the Financial Statements Balance Sheet Liabilities Stockholders' Equity "Accounts Common Inventory Payable Stock Earnings 22.000 Statement of Cash Flowe Net Income Expenses Retained Revenue Cash 220001 . Beg bal 1 2a 2b 3 4 + 5 End bal What is the balance of accounts receivable, accounts payable, amounts of gross margin, net income, and net cash flow from operating activities at the end of Year 17 (Indicate cash outflows with minus sign.) 50 b Accounts receivable c Accounts payable d. Gross margin Not income Net cash flow from operating activities ( Reqa