Business, 05.05.2020 18:39 TheVariableWhoLived

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inventory that had cost $15,000 was sold for $27,000 under terms 2/20, net/30. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $660. The merchandise had cost Ozark $400. All customers paid their accounts within the discount period. Selling and administrative expenses amounted to $2,835. Interest expense paid amounted to $200. Land that had cost $6,000 was sold for $6,900 cash. Determine the amount of net sales Prepare a multistep income statement.
1. Where would the interest expense be shown on the statement of cash flows?A. Operating activities.
B. Investing activities.
C. Financing activities.
2. How would the sale of the land be shown on the statement of cash flows?A. The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of cash flows.
B. The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.
C. The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of cash flows.

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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inven...

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