Question: Need help answering this problem for Required A. The second picture shows that the answers are correct but Im missing something while the third picture
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 $33,000 cash from the issue of common stock 2. Purchased inventory for $26,400 cash. 3. Sold inventory costing $15,700 for $28,500 cash. Required ea. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for ces. investment activity. FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. 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 8 Required C 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, NC for net change in cash and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with minus sign
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