Hello can I get some help with this? It cut off after 3 but I also need 4 & 5. During Year 1, Cowboy Ice Cream Company (CIC) purchased $25,000 of inventory on account. CIC sold inventory on account that cost$18,800 for $28,100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable.CIC also paid $4,500 cash for operating expenses. Assume that CIC started the accounting period with $20,500 in both cash andcommon stock.Requireda. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA forinvestment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cellblank.b. What is the balance of accounts receivable 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.Reg AReq B to EWhat is the balance of accounts receivable, accounts payable, amounts of gross margin, net income and net cash flow fromoperating activities at the end of Year 1? (Indicate cash outflows with minus sign.)b. Accounts receivablec. Accounts payabled. Gross marginNet incomee. Net cash flow from operating activities< Req A During Year 1, Cowboy Ice Cream Company (CIC) purchased $25,000 of inventory on account. CIC sold inventoly oh acesur$18,800 for $28,100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable.CIC also paid $4,500 cash for operating expenses. Assume that CIC started the accounting period with $20,500 in both cash andtrhat Costcommon stock.Requireda. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA forinvestment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cellblank.b. What is the balance of accounts receivable 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.28Complete this question by entering your answers in the tabs below.Req AReq B to ERecord the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for firthe element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outfloCOWBOY ICE CREAM COMPANYEffect of Events on the Financial StatementsBalance SheetIncome StatementStatement of CashFlowsAssets= Liabilities +Stockholders' EquityNetIncomeEventRevenueExpenses =%3DAccountsAccountsCommonRetainedCashReceivable+ Inventory =PayableStockEarningsBeg. bal.20,500 +20,500 -%3D1.+2a%3D26.i+t3.+.

Purchased inventory = 25,000 Sold inventory on account = 18,800 for 28,100 Accounts payable = 15,600…

During Year 1, Cowboy Ice Cream Company (CIC) purchased $25,000 of inventory on account. CIC sold inventory on account that cost $18,800 for $28,100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable. CIC also paid $4,500 cash for operating expenses. Assume that CIC started the accounting period with $20,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. b. What is the balance of accounts receivable 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.

During Year 1, Cowboy Ice Cream Company (CIC) purchased $25,000 of inventory on account. CIC sold inventory on account that cost $18,800 for $28,100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable. CIC also paid $4,500 cash for operating expenses. Assume that CIC started the accounting period with $20,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. b. What is the balance of accounts receivable 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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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