Effect of purchase returns and allowances and purchase discounts on the financial statements: Perpetual systemThe following events were completed by Dana's Imports in September 2018:Sept. 1 Acquired $50,000 cash from the issue of common stock.1 Purchased $28,000 of merchandise on account with terms 2/10,n/30.5 Paid $600 cash for freight to obtain merchandise purchased on September 1.8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10,n/308 Returned $600 of defective merchandise purchased on September 1 purchase to the supplier.10 Paid cash from the balance due on the merchandise purchased on September 1.20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period.30 Paid $2,450 cash for selling expenses. a. Record each event in a statements model like the following one. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30.c. Prepare a statement of cash flows for the month ending September 30.d. Explain why there is a difference between net income and cash flow from operating activitie

net income                13,550

cash flow from operating activities: 1,098

cash flow for the period 51,098

The income statement works with accrual accounting it only recognzie as expense the portion we sold

While the cash flow obviously, works with cash basis therefore, all the merchandise paid is considered making the operating cash flow smaller than net income.

Explanation:

NET INCOME

Sales revenue         31,000

COGS                     (15,000)  

gross profit               16,000

operating expense  (2,450)  

net income                13,550

CASH FLOW

operating

collection from customer 31,000**

freight-in                               (600)

payment to supplier         (26.852‬‬)*

expenses paid                   (2,450)

cash flow from operating activities: 1.098‬

financing

issuance of common stock   50,000

cash flow for the period 51,098

*account balance:

(28,000 invoice nominal - 600 return) * (1 - 2% discount)

** the customer pay after the 10 days therefore it is not granted a discount

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

answer; /// place the thermal compound between the heat sink and the microprocessor;