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The following events were completed by Dana's Imports in September, Year t Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Required a. Record each event in a statements model like the following one. 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. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30. c. Prepare a statement of cash flows for the month ending September 30.

The following events were completed by Dana's Imports in September, Year t Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Required a. Record each event in a statements model like the following one. 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. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30. c. Prepare a statement of cash flows for the month ending September 30.

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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Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare an income statement for the month ending September 30. DANA'S IMPORTS Income Statement For the Month Ended September 30, Year 2 Operating expenses Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the month ending September 30. (Cash outflows should be indicated with a minus sign.) DANA'S IMPORTS Statement of Cash Flows For the Month ended September 30, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare an income statement for the month ending September 30. DANA'S IMPORTS Income Statement For the Month Ended September 30, Year 2 Operating expenses Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the month ending September 30. (Cash outflows should be indicated with a minus sign.) DANA'S IMPORTS Statement of Cash Flows For the Month ended September 30, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance
The following events were completed by Dana's Imports in September, Year 1: Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,099 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Required a. Record each event in a statements model like the following one. 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. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30. c. Prepare a statement of cash flows for the month ending September 30. Complete this question by entering your answers in the tabs below. Required A 9/1 Date Required A Required B Required C Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for finan change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. (Not every cell will require entry. Enter any d and cash outflows with a minus sign.) 9/1 9/5 9/8a. 9/8b. 9/8c. 9/10 9/20 9/30 Total Required B Cash Required C 50,000+ Assets Accounts Receivable DANA'S IMPORTS Effect of Transactions on Financial Statements Using Horizontal Statements Model Balance Sheet Income Statement Inventory Liabilities. Accounts Payable ◆ Stockholders' Equity Common Stock 50,000+ A ◆ Retained Revenue Earnings Net Expenses - Income Statement of Cash Flows 50,000 FA
Transcribed Image Text:The following events were completed by Dana's Imports in September, Year 1: Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,099 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Required a. Record each event in a statements model like the following one. 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. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30. c. Prepare a statement of cash flows for the month ending September 30. Complete this question by entering your answers in the tabs below. Required A 9/1 Date Required A Required B Required C Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for finan change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. (Not every cell will require entry. Enter any d and cash outflows with a minus sign.) 9/1 9/5 9/8a. 9/8b. 9/8c. 9/10 9/20 9/30 Total Required B Cash Required C 50,000+ Assets Accounts Receivable DANA'S IMPORTS Effect of Transactions on Financial Statements Using Horizontal Statements Model Balance Sheet Income Statement Inventory Liabilities. Accounts Payable ◆ Stockholders' Equity Common Stock 50,000+ A ◆ Retained Revenue Earnings Net Expenses - Income Statement of Cash Flows 50,000 FA
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