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Required information Exercise 4-16A Effect of sales returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4, 4-7 [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $18,000 cash, $60,400 inventory, $49,100 common stock, and $29,300 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $37,000 for $76,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $330 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and were sold to Prentise for $3,910. 4. Granted Prentise a $1,180 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $52,200 cash from accounts receivable. Exercise 4-16A Part c c. Prepare an income statement, balance sheet, and statement of cash flows. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) POWELL COMPANY Income Statement For the Year Ended December 31, Year 2 0 Operating expenses $ 0 POWELL COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets $ 0 Liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 POWELL COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flow from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ $ 0