HELP!

Financial statements, including direct and indirect statements of cash flow, February 6, 3 points W b A new company began with $50,000 in cash and common stock (you do not need to account for that; you can assume that this transaction occurred on the last day of the previous year). It bought 100 phones for $500 each and resold 95 of them for $600 each. Ignore taxes. For statement of cash flows, refer to Power Points of Chapter 21 il Chapter 4 does not provide enough guidance. a. Record the journal entry to purchase the inventory (Inventory, Cash). . Record the sale of inventory (Cash, Sales Revenue; Cost of Goods Sold, Inventory) c. Prepare a T-account to show cash balance. d. Prepare a T-account to show inventory balance. c. Prepare an income statement f. Prepare a balance sheet 8. Prepare a direct statement of cash flows. h. Prepare an indirect statement of cash flows