The following transactions apply to Bialis Co. for 2014, its first year of operations. PS2...
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The following transactions apply to Bialis Co. for 2014, its first year of operations. PS2 1.5 Beginning Inventory Units Purchased Endinginventoryconsistedof and sales were made with cash. REQUIRED 135 units @ $13 495 units @ $18 1. Issued $180,000 2. Provided $147,000 3. Collected $115,500 4. Loaned $18,750 and an 8% interest rate. 5. Paid $55,500 6. Paid a $4,200 7. Recorded the accrued interest income on December 31, 2014 (see item 4). 8. Uncollectible accounts expense is estimated to be 1% of service revenue on account. REQUIRED a. Show the effects of the above transactions in a horizontal statements model. b. Prepare the income statement, balance sheet, and statement of cash flows for 2014
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