p-3. Prepare the statement of cash flows for Year 1. (Amounts to be deducted and losses Round your answers to the nearest dollar amount.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities:
p-3. Prepare the statement of cash flows for Year 1. (Amounts to be deducted and losses Round your answers to the nearest dollar amount.) OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Answer full question please.
![b-3. Prepare the statement of cash flows for Year 1, (Amounts to be deducted and losses should be indicated with minus sign.
art 2 of 3
Round your answers to the nearest dollar amount.)
OZARK SALES
Statement of Cash Flows
pints
For the Year Ended December 31, Year 1
Cash flow from operating activities:
eBook
Net cash flow from operating activities
Cash flows from investing activities:
Cash flows from financing activities
Net cash flows from financing activities
Net change in cash
Ending cash balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbac5cd56-9885-4a25-8e51-dfc1bb78a29e%2F87732afd-f1be-42e6-ae12-8b319ccef46f%2Fh5t640j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b-3. Prepare the statement of cash flows for Year 1, (Amounts to be deducted and losses should be indicated with minus sign.
art 2 of 3
Round your answers to the nearest dollar amount.)
OZARK SALES
Statement of Cash Flows
pints
For the Year Ended December 31, Year 1
Cash flow from operating activities:
eBook
Net cash flow from operating activities
Cash flows from investing activities:
Cash flows from financing activities
Net cash flows from financing activities
Net change in cash
Ending cash balance
![Required information
[The following information applies to the questions displayed below.]
The following transactions apply to Ozark Sales for Year 1:
1. The business was started when the company received $50,000 from the issue of common stock.
2. Purchased equipment inventory of $174,500 on account.
3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is
sold. The merchandise had a cost of $128,000.
4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount
to 4 percent of sales.
5. Paid the sales tax to the state agency on $153,000 of the sales.
6. On September 1, Year 1, borrowed $20,500 from the local bank.The note had a 6 percent interest rate and matured on
March 1, Year 2.
7. Paid $5,600 for warranty repairs during the year.
8. Paid operating expenses of $55,000 for the year.
9. Paid $124,200 of accounts payable.
10. Recorded accrued interest on the note issued in transaction no. 6.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbac5cd56-9885-4a25-8e51-dfc1bb78a29e%2F87732afd-f1be-42e6-ae12-8b319ccef46f%2Ffq85i79_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The following transactions apply to Ozark Sales for Year 1:
1. The business was started when the company received $50,000 from the issue of common stock.
2. Purchased equipment inventory of $174,500 on account.
3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is
sold. The merchandise had a cost of $128,000.
4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount
to 4 percent of sales.
5. Paid the sales tax to the state agency on $153,000 of the sales.
6. On September 1, Year 1, borrowed $20,500 from the local bank.The note had a 6 percent interest rate and matured on
March 1, Year 2.
7. Paid $5,600 for warranty repairs during the year.
8. Paid operating expenses of $55,000 for the year.
9. Paid $124,200 of accounts payable.
10. Recorded accrued interest on the note issued in transaction no. 6.
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