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0 Required information [The following information applies to the questions displayed below The following transactions...

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Accounting

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0 Required information [The following information applies to the questions displayed below The following transactions apply to Ozark Sales for 2018 1. The business was started when the company received $50 2, Purchase ,000 from the issue of common stock d equipment inventory of $380,000 on account 3. Sold equipment for $510.000 cash (not including sales tax) Sales tax of 8 percent is collected when the merchandise is The merchandise had a cost of $330,000 4. Provided a six-month warranty on the equipment sold Based on industry estimates, the warranty claims would amount to 2 percent of sales 5. Paid the sales tax to the state agency on $400,000 of the sales 6. On September 1, 2018, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, 2019 7. Paid $6,200 for warranty repairs during the year 8. Paid operating expenses of $78,000 for the year 9. Paid $250,000 of accounts payable 10. Recorded accrued interest on the note issued in transaction no 6 b. Prepare the income statement, balance sheet, and statement of cash flows for 2018

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