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Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2. Junker's Stash experienced the following business events: 1. Paid cash to purchase $80,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1.600 were paid in cash by the responsible party 3a. Sold merchandise for $87,000 under terms 1/10,n/30. 3b. Recognized $46,900 of cost of goods sold. 4a Junker's Stash customers returned merchandise that was sold for $2,300. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1.350. 5. The merchandise in Event 3a was sold to customers FOB destination. Transportation costs of $1.750 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account 7. Paid cash of $7,100 for selling and administrative expenses. 8. Sold the land for $9,600 cash. Required a. Record the above transactions in a horizontal financial statements model. b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1.350. 5. The merchandise in Event 3a was sold to customers FOB destination, Transportation costs of $1.750 were paid in cash by the responsible pe 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account 7. Paid cash of $7100 for selling and administrative expenses. 8. Sold the land for $9.600 cash. Required a. Record the above transactions in a horizontal financial statements model. b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement d. The return on sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the amount of net sales. (Round your intermediate calculations and final answer to 1 decimal place.) Net sales to % See all photos + Add to Complete this question entering your answers in the tabs below. Required A Required B Required Required D Required A Required B Required C Required Prepare a multiste income statement. Include common size percentages on the income statement. (Round your answers to 1 decimal place.) Record the above transactions in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment acti Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the Statement of Cash Flows" column may require an input - leave your answers to the nearest whole dollar amount.) JUNKER'S STASH Income Statement For the Year Ended December 31 Year 2 00 JUNKER'S STASH Financial Statements Model Operating expenses Balance Sheet Income Statement Expense/ - Net Income Loss Assets Revenue Gain Statement of Cash Flow Total operating expenses Accounts Land Common Event No. Beg bal Cash 90.000 + Receivable Inventory 16.000 Stockholders' Equity Retained Stock Earnings 80,000+ 39,000 13,000 2 3a 3b - 4b These revenu US JURIS 350. 5. The merchandise in Event 3a was sold to customers FOB destination. Transportation costs of $1750 were paid in cash by the responsible party 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 65. Collected the balance in the accounts receivable account Z. Pald cash of S/100 for selling and administrative expenses 8. Sold the land for $9.600 cash Required a. Record the above transactions in a horizontal financial statements model b. Determine the amount of net sales c. Prepare a multiste income statement include common size percentages on the income statement d. The return-on-sales ratio for Junker's Stash during the prior year was 12 percent Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Event Cash Account Receivable inventory Land 16,000 13.000 - Stock Earnings 80 000 + 39.000 Complete this question by entering your answers in the tabs below. Required Required Required Required The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common site data in Years both Did the expenses for Junker's Stash increase or decrease in Year 2 Required B > Required

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