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Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. 1. Acquired $34,000 cash from the issue of common stock. 2. Purchased Inventory for $27.200 cash 3. Sold Inventory costing $18,300 for $20,500 cash Required a. 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 by the event, leave the cell blank b. Prepare an income statement for Year 1 (use the multistep format) c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required B 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 by the event, leave the cell blank. (Not every cel will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) Assets DAN WATSON MERCHANDISING Effect of Events on Financial Statements Stockholders' Equity Rever Common + Retained Expenses Stock Earnings Event Net Income Statement of Cash Flows Cash + Inventory 1. 2. + + 0+ Total 01 01+1 0 01 01 Required Required > Dan Watson started a small merchandising business in Year 1 The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,000 cash from the issue of common stock. 2. Purchased Inventory for $27.200 cash. 3. Sold Inventory costing $18,300 for $20,500 cash Required a. 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 by the event, leave the cell blank b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required Required Prepare an income statement for Year 1 (use the multistep format). DAN WATSON MERCHANDISINO Income Statement For the Year Ended December 31, Year 1 0 Operating expenses Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. 1. Acquired $34,000 cash from the issue of common stock. 2. Purchased Inventory for $27.200 cash 3. Sold inventory costing $18,300 for $30,500 cash Required a. 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 by the event, leave the cell blank. b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required B Required What is the amount of total assets at the end of the period? Total souls