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What is the amount of net cash flow from operating activitie

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John Tyler started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Tyler uses the perpetual inventory system.
1. Acquired $20,000 cash from the issue of common stock. 
2. Purchased inventory for $15,000 cash. 
3. Sold inventory costing $12,000 for $28,000 cash. 

Required: 

a. Record the events in general journal format. 
b. Post the entries to T-accounts. 
c. Prepare an income statement for 2014 (use the multi step format). 
d. What is the amount of net cash flow from operating activities for 2014?

Reference no: EM13933463

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