Business, 21.06.2020 00:57, gpinney1883

During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account. Hardy 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. Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock. Required
A. Identify the events described in the preceding paragraph and record them in a horizontal statements model. The first event is recorded as an example.
B. What is the balance of accounts receivable at the end of 2016?
C. What is the balance of accounts payable at the end of 2016?
D. What are the amounts of gross margin and net income for 2016?
E. Determine the amount of net cash flow from operating activities.

Answers: 2

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During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account. Hardy sold inv...