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(7) During Year 1, Hardy Merchandising Company purchased $19,000 of inventory on account. (2) Hardy sold inventory on account that cost $14,300 for $21,400. (3) Cash payments on accounts payable were $11,900. (4) There was $19,000 cash collected from accounts receivable. (\$) Hardy also paid \$3,900 cash for operating expenses. Assume that Hardy started the occounting period with $22,500 in both cash and common stock. Required: a. Identify the events described in the preceding paragraph and record them in a horizontal statements model fike the following one. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA): b. What is the balance of accounts recelvable at the end of Year 1 ? c. What is the balance of accounts payable at the end of Year 1? d. What are the amounts of gross margin and net income for Year 1 ? e. Determine the amount of net cash flow from operating activities. Complete this question by entering your answers in the tabs below. Identify the events described in the preceding paragroph and record them in a horizontal statements model like the following one. Also, in the Staternent of Cash fiows cc activities (OA), investing activites ( IA ), or financing activities (FA). Notei Enter any decreases to account balances and cash outflows with a minus sign. Leave cells biank if no input is needed. Identify the events described in the preceding paragraph and record them in a horizontal statements model ike the following one. Aso, in the Statement of Cash Flov activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sidn. Leave cells blank if no inaut is needed. \begin{tabular}{|l|} \hline b. Accounts receivable \\ \hline c. Accounts payable \\ \hline d. Gross margin \\ \hline d. Net income \\ \hline e. Net cash flow from operating activities \\ \hline \end{tabular}

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