Question

[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1:

1. The business was started when the company received $48,500 from the issue of common stock.

2. Purchased equipment inventory of $175,500 on account.

3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $128,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales.

5. Paid the sales tax to the state agency on $153,000 of the sales.

6. On September 1, Year 1, borrowed $19,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2.

7. Paid $5,700 for warranty repairs during the year.

8. Paid operating expenses of $55,500 for the year.

9. Paid $125,400 of accounts payable.

10. Recorded accrued interest on the note issued in transaction no. 6.

Required a. Show the effect of these transactions on the financial statements using a horizontal statements model. Use + for increase, − for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA) or not affected (NA). The first transaction is recorded as an example. (Leave no cells blank - be certain to select "NA" wherever required.)

PLEASE FILL WITH [N/A] for the empty boxes instead of leaving them blank. Thank you. The excel spreadsheet ONLY GIVES ...

Assets = Liabilities +Equity | Revenue - Expenses = Net Income | Statement of Cash Flows

It's ASKING for either a [ - ] OR a [ +]

COMPLETE USING EXCEL SPREADSHEET! Thanks

Answer 1

ぬCut Arial Copy Format Painter 11A A u-i ii-| Or , Δ. Fill a Conditional Format Cell- Formatting as Table- Styles. Clear&Find & Editing Paste B l F # -- 는 회 Merge & Center- s-% , Insert Delete Format Filter, Select 014 -03+05+08+09+010+011+012+013 Assets Liabilities+ Equity Income Statement Sales AccountsTax ty nterest Note Common Retained Payable Payable Payable Net Income Cash Flovw 2 Event Cash+Inventory Payable Payable Stock+ Eaming Revenue Expense 1 48 4850 48500 Financing 75500 17550 2180 15180 215180 128,000 21518 28,000-128.000 10150 -1015 28,00 918 9180 Operating 19000 Operating 5700 Operating 55500 Operating 125400 Operating 9180 19000 7 -5700 -5700 55500-55500 1254 12 13 14 Total 15 16 17 18 95 20.580 215180 47,500 5010 4450 19000 194 8595