Please do not give solution in image format thanku The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3:CashBeginning inventoryCommon stockRetained earningsThe following five transactions occurred in Year 3:$ 19,40018,450 (205 @ $90)14,70023,1501. First purchase (cash): 120 units @ $922. Second purchase (cash): 205 units @ $1003. Sales (all cash): 355 units @ $1904. Paid $13,400 cash for salaries expense5. Paid cash for income tax at the rate of 25 percent of income before taxes Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record theevents under an accounting equation before preparing the statements.)Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should beindicated by a minus sign.WALL'S CHINA SHOPStatements of Cash FlowsFor the Year Ended December 31, Year 3FIFOCash flows from operating activitiesNet cash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesNet change in cashEnding cash balance$000LIFO000Weighted Average$000Show less

Cash flow statement refers to the statement which states the inflow as well as outflow or outgoing…

Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100

Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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