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Milo Clothing experenced the following events dunng Year 1, ts first year of operationY 1 Acquired $11,500 cash from the issue of comunon stock 2 Purchased inventory for $5,300 cash. 3. Sold inventory costing $3,180 for $5,406 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 acttivity, IA for investmes 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.) MILO CLOTHING Effect of Events on the Financlal Statements Stockholders' Equity Common Retained Stock 101 Net Income Assets Reve ue Expenses Cash Inventory Eornimgs +

Milo Clothing experenced the following events dunng Year 1, ts first year of operationY 1 Acquired $11,500 cash from the issue of comunon stock 2 Purchased inventory for $5,300 cash. 3. Sold inventory costing $3,180 for $5,406 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 acttivity, IA for investmes 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.) MILO CLOTHING Effect of Events on the Financlal Statements Stockholders' Equity Common Retained Stock 101 Net Income Assets Reve ue Expenses Cash Inventory Eornimgs +

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 3EA: In which section of the statement of cash flows would each of the following transactions be...
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Milo Clothing experienced the followinng events during Year 1, its first year of operation 1. Acquired $11,500 cash from the issue of common stock 2 Purchased inventory for $5,300 cash. 3. Sold inventory costing $3,180 for $5,406 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 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. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) MILO CLOTHING Efect of Events on the Financial Statements Assets Stockholders' Equity Stater Net Reve ue -Exppenses Ancome Event Common Retained Stock Earnings Cash t Inventory- 1. 2. За. + b. + Next > 2 of 33 Prev
Transcribed Image Text:Milo Clothing experienced the followinng events during Year 1, its first year of operation 1. Acquired $11,500 cash from the issue of common stock 2 Purchased inventory for $5,300 cash. 3. Sold inventory costing $3,180 for $5,406 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 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. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) MILO CLOTHING Efect of Events on the Financial Statements Assets Stockholders' Equity Stater Net Reve ue -Exppenses Ancome Event Common Retained Stock Earnings Cash t Inventory- 1. 2. За. + b. + Next > 2 of 33 Prev
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