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O Required information The following information applies to the questions displayed below.) The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $49,500 from the issue of common stock. 2. Purchased equipment inventory of $177,000 on account 3. Sold equipment for $200,000 cash (not including sales tax). Sales tax pf 6 percent is collected when the merchandise is sold. The merchandise had a cost of $125,000. 4. Provided a six month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Pald the sales tax to the state agency on $150,000 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2 7. Pald $5,600 for warranty repairs during the year. 8. Pald operating expenses of $52,500 for the year 9. Paid $124,600 of accounts payable 10. Recorded accrued interest on the note issued in transaction no. 6. Required a. Show the effect of these transactions on the financial statements using a horizontal statements model. Use for increase, - for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), Investing activity (IA), or financing activity (FA) or not affected (NA). The first transaction is recorded as an example. (Leave no cells blank.be certain to select "NA" wherever required.) Required a. Show the effect of these transactions on the financial statements using a horizontal statements model. Use + for increase. - for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (1A), or financing activity (FA) or not affected (NA). The first transaction is recorded as an example, (Leave no cells blank - be certain to select "NA" wherever required.) Event Assets Liabilities Equity Revenue Expenses NA Net Income Statement of Cash Flow FA 1. NA NA NA 2 3. 4, 5. 0 7. 8. 10 b. Prepare the journal entries for the preceding transactions and post them to the appropriate T-accounts. (Round your answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ok Vlew transaction list Journal entry worksheet 1 2 3 5 6 7 8 . 71 The business was started when the company received $49,500 from the issue of common stock aces Not inter debits before credits General Joumat Event 01 Debit Credit Record entry Clear entry View general Journal 0-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.) OZARK SALES Income Statement For the Year Ended December 31, Yoar 1 Expenses Total operating expenses OS c-2. Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar amount.) OZARK SALES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 3. Prepare the statement of cash flows for Year 1. (Amounts to be deducted and losses should be Indicated with minus sign. Round your answers to the nearest dollar amount.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Net cash flow from operating activities Cash fows from investing activities Cash flows from financing activities Net cash flows from financing activities Not change in cash Ending cash balance d. What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest dollar amount.) Total current liabilities