Powell company began the 2016 accounting period with $19,100 cash, $60,800 inventory, $48,800 common stock, and $31,100 retained earnings. during 2016, powell experienced the following events: 1. sold merchandise costing $36,200 for $76,000 on account to prentise furniture store. 2. delivered the goods to prentise under terms fob destination. freight costs were $365 cash. 3. received returned goods from prentise. the goods cost powell $1,940 and were sold to prentise for $3,960. 4. granted prentise a $1,100 allowance for damaged goods that prentise agreed to keep. 5. collected partial payment of $52,500 cash from accounts receivable. requireda. record the events in general journal format. required a. record the events in general journal format. (if no entry is required for a transaction/event, select no journal entry required in the first account field.) view transaction list view general journal journal entry worksheet 1 2 3 4 5 6 sold merchandise for $76,000 on account to prentise furniture store. general journal debit credit date 1a. *enter debits before credits done clear entry record entryb. open general ledger t-accounts with the appropriate beginning balances and post the journal entries to the t-accounts. c. prepare an income statement, balance sheet, and statement of cash flows. d. why would prentise agree to keep the damaged goods?

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

At cooly cola, we are testing the appeal of our new diet one cola. in a taste test of 250 randomly chosen cola drinkers, 200 consumers preferred diet one cola to the leading brand. assuming that the sample were large enough, the large-sample 95% confidence interval for the population proportion of cola drinkers that prefer diet one cola would be:

A4-year project has an annual operating cash flow of $59,000. at the beginning of the project, $5,000 in net working capital was required, which will be recovered at the end of the project. the firm also spent $23,900 on equipment to start the project. this equipment will have a book value of $5,260 at the end of the project, but can be sold for $6,120. the tax rate is 35 percent. what is the year 4 cash flow?