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Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the Issue of common stock. 2 Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 for advertising expense. Requlred Record the events In a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment 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 wlll requlre entry. Enter any decreases to account balances and cash outflows with a minus sign.) MILO CLOTHING Effect of Events on the Financial Statements Stockholders' Equity Statement of Cash Flows Assets Net Revenue Expenses Event Common Retained Income Cash Inventory Stock Earnings %3D 1. %3D + 3a 3b. 4. Total

Milo Clothing experienced the following events during Year 1, Its first year of operation: 1. Acquired $30,000 cash from the Issue of common stock. 2 Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 for advertising expense. Requlred Record the events In a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for Investment 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 wlll requlre entry. Enter any decreases to account balances and cash outflows with a minus sign.) MILO CLOTHING Effect of Events on the Financial Statements Stockholders' Equity Statement of Cash Flows Assets Net Revenue Expenses Event Common Retained Income Cash Inventory Stock Earnings %3D 1. %3D + 3a 3b. 4. Total

FINANCIAL ACCOUNTING
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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work (LOs 1,2,3,4,6,8) A Saved Milo Clothing experlenced the following events during Year 1, Its first year of operation: 1. Acqulred $30,000 cash from the Issue of common stock. 2 Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 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 Investment 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 requlre entry. Enter any decreases to account balances and cash outflows with a minus slgn.) MILO CLOTHING Effect of Events on the Financial Statements Assets Stockholders' Equity Net Statement of Cash Revenue - Expenses = Flows Event Common Retained Income Cash Inventory Stock Earnings 1. 2. %3! 3a. %3D 3b. =D 4. Total Next
Transcribed Image Text:work (LOs 1,2,3,4,6,8) A Saved Milo Clothing experlenced the following events during Year 1, Its first year of operation: 1. Acqulred $30,000 cash from the Issue of common stock. 2 Purchased Inventory for $15,000 cash. 3. Sold Inventory costing $9,000 for $20,000 cash. 4. Pald $1,500 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 Investment 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 requlre entry. Enter any decreases to account balances and cash outflows with a minus slgn.) MILO CLOTHING Effect of Events on the Financial Statements Assets Stockholders' Equity Net Statement of Cash Revenue - Expenses = Flows Event Common Retained Income Cash Inventory Stock Earnings 1. 2. %3! 3a. %3D 3b. =D 4. Total Next
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