Reference no: EM132549063
Question - Powell Company began the Year 3 accounting period with $47,000 cash, $93,000 inventory, $67,000 common stock, and $73,000 retained earnings. During Year 3, Powell experienced the following events:
1. Sold merchandise costing $61,500 for $106,500 on account to Prentise Furniture Store.
2. Delivered the goods to Prentise under terms FOE destination. Freight costs were $700 cash.
3. Received returned goods from Prentise. The goods cost Powell $4,700 and were sold to Prentise for $7,200.
4. Granted Prentise a $3,700 allowance for damaged goods that Prentise agreed to keep.
5. Collected partial payment of $81500 cash from accounts receivable.
Required -
a. Record the events in a statements model shown below.
b. Prepare an income statement, a balance sheet, and a statement of cash flows.
c. Why would Prentise agree to keep the damaged goods?
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