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Required information [The following information applies to the...

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Accounting

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Required information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4.230. 2. The goods in Event 1 were purchased FOB shipping point with transportation cost of $265 cash. 3. Returned $425 of damaged merchandise. 4. Agreed to keep other damaged merchandise for which the company recelved a $275 allowance. 5. Sold merchandise that cost $2,740 for $4,800cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with transportation costs amounting to $180 cash. 7. Paid $2.890 on the merchandise purchased in Event 1. c. Explain why a difference exists between net income and net cash flow from operating activities. Mutuple Choce when determining net income inentory wastem

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