Req B only On April 6, Year 1, Home Furnishings purchased $25,200 of merchandise from Una Imports, terms 2/10 n/45. On April 8,Home returned $2,400 of the merchandise to Una Imports for credit. Home paid cash for the merchandise on April 15,Year 1.Requireda. What is the amount that Home Furnishings must pay Una Imports on April 15?. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity.LA for Investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by theevent, leave the cell blank.c. How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20, YearⓇd. Record the payment of the merchandise in Requirement (c) In a horizontal statements model. In the Cash Flowcolumn, use QA to designate operating activity, IA for Investing activity, FA for financing activity, or NC for net changein cash. If the element is not affected by the event, leave the cell blank.Complete this question by entering your answers in the tabs below.Required Required Required RequiredACDRecord the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investfor financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any decaccount balances and cash outflows with a minus sign. Not all cells require entry.)EventsPurchaseinventoryReturninventoryRecorddiscountPay accountspayableAssetsCash + Inventory++#HOME FURNISHINGSEffect of Events on the Financial StatementsBalance SheetLiabilities Stockholders' EquityAccounts Common Retained Revenue - Expenses =Payable Stock EarningsEllIncome StatementNetIncomeStatementof CashFlows

Disclaimer : As per the above questions, we have solved Requirement B. Introduction Horizontal…

Required Required Required Required A C D Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for inv for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any account balances and cash outflows with a minus sign. Not all cells require entry.) Events Purchase inventory Return inventory Record discount Pay accounts payable Assets Cash + Inventory + ++ HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet Liabilities Stockholders' Equity Accounts Payable + 5 Common Stock CHE Income Statement Retained Revenue - Expenses = Earnings < Required A ||||||||||| Required C > Net Income Statement of Cash Flows

Required Required Required Required A C D Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for inv for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any account balances and cash outflows with a minus sign. Not all cells require entry.) Events Purchase inventory Return inventory Record discount Pay accounts payable Assets Cash + Inventory + ++ HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet Liabilities Stockholders' Equity Accounts Payable + 5 Common Stock CHE Income Statement Retained Revenue - Expenses = Earnings < Required A ||||||||||| Required C > Net Income Statement of Cash Flows

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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