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What is the amount of total assets at the end of the period

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Reference no: EM133155009

Question - Assume that Watson uses the perpetual inventory system.

1. Acquired $28,500 cash from the issue of common stock.

2. Purchased inventory for $22,800 cash.

3. Sold inventory costing $15,400 for $29,000 cash.

Required -

a. Record the events in a horizontal financial statements model.

b. Prepare an income statement for Year 1 (use the multistep format).

c. What is the amount of total assets at the end of the period?

Reference no: EM133155009

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