Please help me with this question During Yeor 1 Hardy Merchandising Compony purchased $40,000 of inventory on account. Hardy sold inwentory on occount that cost$24,500 for $38,000. Cash payments on accounts payable were $22,000. There was $26,000 cash collected from accountsreceivoble. Hardy also paid $5,100 cosh for operating expenses. Assume that Hardy storted the occournting period with $20,000 inboth cash ond common stock.Requireda Record the events in a horizontal stotement model. In the Cash Aow column, use OA to designate operating activity, IA forinvestment activity, FA for financing activity, or NC for net change in cosh. If the element is not affected by the event, leave the cellblonkb. Whot is the balance of accounts receivoble at the end of Year 1?c Whot is the balance of accounts payable at the end of Year 1?d What are the amounts of gross morgin and net income for Year 1?e. Determine the omount of net cash flow from operating activities.Complete this question by entering your answers in the tabs below.Reg AReg B to ERecord the events in a horizontal statement model. In the Cash Flow column, use 04 to designate operating activity, IA for investment activity, FA for financing activity, or NC facash. If the eement is ot affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to sccount balances and cash outflows witha minuHARDY MERCHANDISING COMPANYEffect of Events on the Financial StatementsBalance SheetIncome Statementstatement of Cashstockholders EquityRetalnedEarningsEventAssetsLlabl tes +NetFlowsRevenue - =Expenses!!AccountsCommonAccountsRacelvableIncomeCash• InventoryPayablestockBeg bal20 000 +20 000 +1.40.000-40 000 +38 000+38,000-OAOAOA22.000 +22 000 -26 000 +25 000-5 100-5 1005.5 100+$ 5. 100)ONC$ 40000S 15 000 + 5 20 000 + SOS 33 000- S 5 100- SEnd ba13900+512.000+-Reg B to E During Year 1, Hardy Merchandising Company purchased $40,000 of inventory on account. Hardy sold inverntory on occount that cost$24,500 for $38,000. Cash payments on occounts payable were $22,000. There was $26,000 cash collected from accountsreceivoble. Hardy also paid $5,100 cosh for operating expenses. Assume that Hardy storted the accounting period with $20,000 inboth cash ond common stock.Requireda Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA forinvestment activity, FA for financing activity, or NC for net change in cosh. If the element is not affected by the event, leave the cellblankb. Whot is the balance of accounts receivable at the end of Year 1?c What is the balance of accounts payable at the end of Year 1?d. What are the amounts of gross margin and net income for Year 1?e Determine the omount of net cash flow from operating activities.Complete this question by èntering your answer in the tabs below.Req AReg B toWhat is the balance of accounts receivable, accounts payable, amounts of gross margin, net income and net cash flowTrom operating activities at the end of Year 1? (Indicate cash outflows with minus sign.)b. Accounts recelvablecAccounts payabled Gross marginNet Income2. Net cash flow from operating activities< Req A

Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…

During Yeor 1, Hardy Merchandising Compony purchased $40,000 of inventory on account. Hardy sold inventory on account that cost $24,500 for $38,000. Cash payments on accounts payable were $22,000. There was $26,000 cash collected from accounts receivoble. Hardy also paid $5,100 cash for operating expenses. Assurne that Hardy storted the accourting period with $20,000 in both cash ond common stock. Required a Record the events in a horizontal stotement model. In the Cash Aow column, use OA to designate operating activity, IA for imvestment activity, FA for finoncing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank b. What is the balance of accounts receivable at the end of Year 1? c What is the balance of accounts payable at the end of Year 1? d What are the amounts of gross margin and net income for Year 1? e Determine the amount of net cash flow from operating activities.