Homework Answers
Book balance of inventory = Inventory purchases - Cost of inventory sold = 37,000 - 22,100 = 14,900
Physical count of inventory = 14,700
Difference in book and actual inventory = 14,900 - 14,700
= $200
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Ho Designs experienced the following events during 2018, its first year of operation: 1. Started the...
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Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
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...
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