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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?
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