Business, 18.02.2020 21:23 usagimiller

Powell Company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During 2018, Powell experienced the following events: Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $81,000 cash from accounts receivable. Required 1. Record the events in a statements model shown below. 2. Prepare an income statement, a balance sheet, and a statement of cash flows. 3. Why would Prentise agree to keep the damaged goods?

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Powell Company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common...

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