Hello, can I get some help? Thank you so much Cowboy Ice Cream reported the following events during Year 1 of operation:1. Acquired $15,000 cash from the issue of common stock.2. Purchased inventory for $6600 cash.3. Sold inventory costing $3,960 for $6,732 cash.4. Paid $700 for advertising expense.RequiredRecord the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmentactivity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Notevery cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.)COWBOY ICE CREAM COMPANYEffect of Events on the Financial StatementsAssetsStockholders' Equity%3DNetIncomeStatement of CashFlowsEventCommonRetainedRevenueExpenses =Cash+ InventoryStockEarnings1.2.+3a.3b.%3D4.Total0 +

Accounting Equation of the business says that after every transaction, total assets in the business…

Cowboy Ice Cream reported the following events during Year 1 of operation: 1. Acquired $15,000 cash from the issue of common stock. 2. Purchased inventory for $6,600 cash. 3. Sold inventory costing $3,960 for $6,732 cash. 4. Paid $700 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmen 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 cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Assets Stockholders' Equity Statement of Cash Flows %3D Expenses Net Income Revenue %3D Event Retained + Inventory= Common Stock Cash Earnings 1. 2. %3D За. %3D 3b, %3D %3! 4. +. Total

Cowboy Ice Cream reported the following events during Year 1 of operation: 1. Acquired $15,000 cash from the issue of common stock. 2. Purchased inventory for $6,600 cash. 3. Sold inventory costing $3,960 for $6,732 cash. 4. Paid $700 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmen 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 cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Assets Stockholders' Equity Statement of Cash Flows %3D Expenses Net Income Revenue %3D Event Retained + Inventory= Common Stock Cash Earnings 1. 2. %3D За. %3D 3b, %3D %3! 4. +. Total

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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