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Required information [The following information applies to the questions displayed below.] At the beginning of Year 2 the Redd Company had the following balances in its accounts: Cash Inventory Connon stock Retained earnings $8,40e 2,400 7,900 2,900 During Year 2 the company experienced the following events: 1. Purchased Inventory that cost $5.900 on account from Ross Company under terms 210.0/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash. 2 Returned $400 of the inventory it had purchased because the Inventory was damaged in transit. The seller agreed to pay the retum freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $6.400 for $9.400 on account, under terms 270.0/45. 5. Recelved merchandise returned from a customer. The merchandise originally cost $540 and was sold to the customer for $840 cash. The customer was paid $840 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $640 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count Indicating that $2,100 of Inventory was on hand at the end of the accounting period. C-1. Prepare a multistep Income statement. C-2 Prepare a statement of changes in stockholders' equity. C-3. Prepare a balance sheet. C-4. Prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Reg Ci Rey CZ Red C3 Red C4 Prepare a multistep income statement. REDD COMPANY Income Statement For the Year Ended December 31, Year 2 Cost of goods sold Gross loss Operating expenses Net income $ 1,513 Required information [The following information applies to the questions displayed below:] At the beginning of Year 2 the Redd Company had the following balances in its accounts: Cash Inventory Connon stock Retained earnings $8,400 2,400 7.900 2, see During Year 2 the company experienced the following events: 1. Purchased Inventory that cost $5.900 on account from Ross Company under terms 20. n/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash. 2 Returned $400 of the inventory it had purchased because the Inventory was damaged in transit. The seller agreed to pay the retum freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $6,400 for $9.400 on account, under terms 270, n/45. 5. Received merchandise returned from a customer . The merchandise originally cost $540 and was sold to the customer for $840 cash. The customer was paid $840 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $640 were pald in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count Indicating that $2,100 of Inventory was on hand at the end of the accounting period. C-1. Prepare a multistep Income statement. C-2. Prepare a statement of changes in stockholders' equity. C-3. Prepare a balance sheet. C-4. Prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Reg Ci Red C2 Red C3 Red C4 Prepare a statement of changes in stockholders' equity. REDD COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ Required information {The following information applies to the questions displayed below.] At the beginning of Year 2 the Redd Company had the following balances in its accounts: Cash Inventory Connon stock Retained earnings $8,400 2.400 7,9ee 2.90 During Year 2 the company experienced the following events: 1. Purchased Inventory that cost $5.900 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash. 2 Returned $400 of the Inventory It had purchased because the inventory was damaged in transit. The seller agreed to 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $6.400 for $9.400 on account, under terms 270.n/45. 5. Recelved merchandise returned from a customer . The merchandise originally cost $540 and was sold to the customer for $840 cash. The customer was paid $840 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $640 were pald in cash. 7. Collected the amount due on the account recevable within the discount period. 8. Took a physical count Indicating that $2,100 of Inventory was on hand at the end of the accounting period. C-1. Prepare a multistep Income statement. c-2. Prepare a statement of changes in stockholders' equity. -3. Prepare a balance sheet. C-4. Prepare a statement of cash flows. Complete question by entering your answers in the tabs below. Red Ci Rey CZ Red C3 Rey C4 Prepare a balance sheet, REDD COMPANY Balance Sheet As of December 31, Year 2 Assets $ 01 Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 Required information [The following information applies to the questions displayed below.] At the beginning of Year 2 the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,400 7.900 2,900 During Year 2 the company experienced the following events: 1. Purchased Inventory that cost $5.900 on account from Ross Company under terms 20./30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash. 2 Returned $400 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $6.400 for $9.400 on account, under terms 2/10, 1/45. 5. Received merchandise returned from a customer. The merchandise originally cost $540 and was sold to the customer for $840 cash. The customer was paid $840 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $640 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count Indicating that $2,100 of Inventory was on hand at the end of the accounting period. C-1. Prepare a multistep Income statement. C-2. Prepare a statement of changes in stockholders' equity. C-3. Prepare a balance sheet. C-4. Prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Req ci Red C2 Red C3 Reg Co Prepare a statement of cash flows. (Enter cash outflows as negative amounts.) REDD COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers Outflow for expenses Inflow from stock issue Outflow from salaries Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance $ 0 0 $ 0
