3 2.5 points Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $19,

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3 2 5 Points Milo Clothing Experienced The Following Events During Year 1 Its First Year Of Operation 1 Acquired 19 1 (82.32 KiB) Viewed 41 times

3 2.5 points Milo Clothing experienced the following events during Year 1, its first year of operation: 1. Acquired $19,500 cash from the issue of common stock. 2. Purchased inventory for $5,700 cash. 3. Sold inventory costing $3,420 for $5,814 cash. 4. Paid $1,000 for advertising expense. Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) Event 1. 2. 3a. 3b 4. Total Cash Assets 0 + + + + + + + Balance Sheet Inventory 0 = = = = MILO CLOTHING Effect of Events on the Financial Statements = Stockholders' Equity Common Stock 0 + + + + + + + Retained Earnings 0 Revenue 0 Income Statement Expenses 0 = Net Income = = = = = 0 Statement of Cash Flows 0