Required Information
The following information applles to the questions displayed below.
The following transactions apply to Ozark Sales for Year :
The business was started when the company recelved $ from the Issue of common stock.
Purchased equipment Inventory of $ on account.
Sold equipment for $ cash not Including sales tax Sales tax of percent is collected when the merchandise is
sold. The merchandise had a cost of $
Provided a sixmonth warranty on the equipment sold. Based on Industry estimates, the warranty clalms would amount
to percent of sales.
Pald the sales tax to the state agency on $ of the sales.
On September Year borrowed $ from the local bank. The note had a percent interest rate and matured on
March Year
Pald $ for warranty repalrs during the year.
Pald operating expenses of $ for the year.
Pald $ of accounts payable.
Recorded accrued Interest on the note issued in transaction no
b Prepare the income statement for Year
Note: Round your answers to the nearest dollar amount.
