Hello, can I get some help? Thank you so much Cowboy Ice Cream reported the following events during Year 1 of operation:1. Acquired $15,000 cash from the issue of common stock.2. Purchased inventory for $6600 cash.3. Sold inventory costing $3,960 for $6,732 cash.4. Paid $700 for advertising expense.RequiredRecord the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmentactivity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Notevery cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.)COWBOY ICE CREAM COMPANYEffect of Events on the Financial StatementsAssetsStockholders' Equity%3DNetIncomeStatement of CashFlowsEventCommonRetainedRevenueExpenses =Cash+ InventoryStockEarnings1.2.+3a.3b.%3D4.Total0 +

Accounting Equation of the business says that after every transaction, total assets in the business…

Cowboy Ice Cream reported the following events during Year 1 of operation: 1. Acquired $15,000 cash from the issue of common stock. 2. Purchased inventory for $6,600 cash. 3. Sold inventory costing $3,960 for $6,732 cash. 4. Paid $700 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmen 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. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Assets Stockholders' Equity Statement of Cash Flows %3D Expenses Net Income Revenue %3D Event Retained + Inventory= Common Stock Cash Earnings 1. 2. %3D За. %3D 3b, %3D %3! 4. +. Total

Cowboy Ice Cream reported the following events during Year 1 of operation: 1. Acquired $15,000 cash from the issue of common stock. 2. Purchased inventory for $6,600 cash. 3. Sold inventory costing $3,960 for $6,732 cash. 4. Paid $700 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmen 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. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Assets Stockholders' Equity Statement of Cash Flows %3D Expenses Net Income Revenue %3D Event Retained + Inventory= Common Stock Cash Earnings 1. 2. %3D За. %3D 3b, %3D %3! 4. +. Total

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 50P: The following balance sheets and income statement were taken from the records of Rosie-Lee Company:...

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The following balance sheets and income statement were taken from the records of Rosie-Lee Company: Additional transactions were as follows: a. Sold equipment costing 21,600, with accumulated depreciation of 16,200, for 3,600. b. Issued bonds for 90,000 on December 31. c. Paid cash dividends of 36,000. d. Retired mortgage of 108,000 on December 31. Required: 1. Prepare a schedule of operating cash flows using (a) the indirect method and (b) the direct method. 2. Prepare a statement of cash flows using the indirect method.
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