Business, 23.03.2021 04:00, Drellibus70011

Financial Statement Effects of Accounts Payable Transactions Petroni Company engages in the following sequence of transactions every month: 1. Purchases $300 of inventory on credit. 2. Sells $300 of inventory for $420 on credit. 3. Pays other operating expenses of $110 in cash. 4. Collects $420 in cash from customers. 5. Pays supplier of inventory $300. a. Create a monthly income statement and statement of operating cash flow (direct method) for four consecutive months.

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Financial Statement Effects of Accounts Payable Transactions Petroni Company engages in the followin...