Damaged clothing from using a washer or dryer? Please call 1-800-762-3452 and speak with a ustomer service representative. You will need e machine license plate number and date of mage in order to place a refund request CJY Please call to submit a claim with 7 to 10 Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question tion & - Chapter 3 Homew X b Home | bartleby x + apter 3 Homework i 8 5 nts eBook Hint Print Powell Company began the Year 3 accounting period with $48,000 cash, $94,000 Inventory, $68,000 common stock, and $74,000 retained earnings. During Year 3. Powell experienced the following events: 1. Sold merchandise costing $62,000 for $107,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,800 and were sold to Prentise for $7.400. 4. Granted Prentise a $3,800 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $88,500 cash from accounts receivable. Required: a. Use a horizontal financial statements model to show how each event affects the balance sheet, Income statement, and statement of cash flows. More specifically, record the amounts of the events Into the model. Also. In the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? References Complete this question by entering your answers in the tabs below. Show less Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Req A Req B1 Req B2 Reg B3 Req C Mc Graw Hill Assets Accounts Receivable Event Number Cash 士 Balance 48,000 + 1a. + 1b. + 2. + 3a. 3b. + 4 4. + 5. + Total + NC = Net change in cash Type here to search POWELL COMPANY Financial Statements Model for Year 3 Stockholders' Equity Income Statement Statement of Cash + Inventory 1 Common Stock + Retained Earnings Net Revenue Expenses Flows Income + + 94,000 = 68,000 + 74,000 + + + + ++ ++ + + + + +-+-+ < Req A Req B1 > NO < Prev 8 of 8 Next >

Damaged clothing from using a washer or dryer? Please call 1-800-762-3452 and speak with a ustomer service representative. You will need e machine license plate number and date of mage in order to place a refund request CJY Please call to submit a claim with 7 to 10 Saved ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question tion & - Chapter 3 Homew X b Home | bartleby x + apter 3 Homework i 8 5 nts eBook Hint Print Powell Company began the Year 3 accounting period with $48,000 cash, $94,000 Inventory, $68,000 common stock, and $74,000 retained earnings. During Year 3. Powell experienced the following events: 1. Sold merchandise costing $62,000 for $107,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,800 and were sold to Prentise for $7.400. 4. Granted Prentise a $3,800 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $88,500 cash from accounts receivable. Required: a. Use a horizontal financial statements model to show how each event affects the balance sheet, Income statement, and statement of cash flows. More specifically, record the amounts of the events Into the model. Also. In the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? References Complete this question by entering your answers in the tabs below. Show less Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Req A Req B1 Req B2 Reg B3 Req C Mc Graw Hill Assets Accounts Receivable Event Number Cash 士 Balance 48,000 + 1a. + 1b. + 2. + 3a. 3b. + 4 4. + 5. + Total + NC = Net change in cash Type here to search POWELL COMPANY Financial Statements Model for Year 3 Stockholders' Equity Income Statement Statement of Cash + Inventory 1 Common Stock + Retained Earnings Net Revenue Expenses Flows Income + + 94,000 = 68,000 + 74,000 + + + + ++ ++ + + + + +-+-+ < Req A Req B1 > NO < Prev 8 of 8 Next >

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3AP

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