Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired...
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Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $13,500 cash from the issue of common stock. 2. Purchased inventory for $5,400 cash. 3. Sold inventory costing $3,240 for $5,508 cash. 4. Paid $900 for advertising expense. Required A Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input-leave cells blank if there is no corresponding input needed.) Event 1. 12824 3a. 3b. Total Cash Assets . • Balance Sheet Inventory MILO CLOTHING Effect of Events on the Financial Statements W Stockholders' Equity Common Stock + ♦ + Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $13,500 cash from the issue of common stock. 2. Purchased inventory for $5,400 cash. 3. Sold inventory costing $3,240 for $5,508 cash. 4. Paid $900 for advertising expense. Required A Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input-leave cells blank if there is no corresponding input needed.) Event 1. 12824 3a. 3b. Total Cash Assets . • Balance Sheet Inventory MILO CLOTHING Effect of Events on the Financial Statements W Stockholders' Equity Common Stock + ♦ + Retained Earnings Revenue Income Statement Expenses Net Income Statement of Cash Flows
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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