Creative Designs Incorporated creates custom logos and other marketing materials. The company experienced the following...
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Creative Designs Incorporated creates custom logos and other marketing materials. The company experienced the following events during its first year of operations, Year 1 . 1. Acquired $602,000 cash from the issuance of common stock 2 Creative Designs incorporated incurred $122,500 of operating expenses on account during Year 1 . 3 The company made cash payments of $101,500 to recluce its accounts payable during Year 1. Required: Use o horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the omounts of the events into the model. Also, in the Stotement of Cash Flows column, classify the cash flows as operating octivities (OA). investing activities (AA). or financing activities (FA). The first transoction is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells biank if no input is needed
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