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mework Seved Help Save & Exit Submit Check my work 11 The following transactions apply to Ozark Sales for Yeart: Book 1. The business was started when the company received $48.000 from the issue of common stock 2. Purchased equipment inventory of $176,500 on account 3. Sold equipment for $190,500 cash (not including sales tax), Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $115,500 4. Provided a six-month warranty on the equipment soid. Based on Industry estimates, the warranty claims would amount to 5 percent of sales 5. Paid the sales tax to the state agency on $140.500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 6 percent interest rate and matured on March 1. Year 2 7. Paid $5,800 for warranty repairs during the year. 8. Pald operating expenses of $52,500 for the year. 9. Pald $124,400 of accounts payable. 0. Recorded accrued interest on the note issued in transaction no. 6. rences Required a. Record the given transactions in a horizontal statements model b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 c. What is the total amount of current liabilities at December 31, Year 1? Complete this question by entering your answers in the taba/below. Reg A Red B Inc Reg B Bal Reg B Stmt Regc Strnt Sheet Cash Flows Record the given transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column a financing activity (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole dollar amounts

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