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Acquired $70,000 cash from the issue of common stock. Purchased $61,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,870 paid in cash. Sold inventory on account that cost $51,000 for $97,000. Freight cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320. Collected $79,540 cash from accounts receivable. Paid $56,200 cash on accounts payable. Paid $3,020 for advertising expense. Paid $4,050 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. b. Record each event in a horizontal statements model. The first event is recorded as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash, and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign.)
Read the following excerpt from Narrative of the Life of Fredrick Douglass, by Fredrick Douglass and answer the question that follows.The plan which I adopted, and the one by which I was most successful, was that of making friends of all the little white boys whom I met in the street. As many of these as I could, I converted into teachers. With their kindly aid, obtained at different times and in different places, I finally succeeded in learning to read. When I was sent of errands, I always took my book with me, and by doing one part of my errand quickly, I found time to get a lesson before my return. I used also to carry bread with me, enough of which was always in the house, and to which I was always welcome; for I was much better off in this regard than many of the poor white children in our neighborhood. This bread I used to bestow upon the hungry little urchins, who, in return, would give me that more valuable bread of knowledge. I am strongly tempted to give the names of two or three of those little boys, as a testimonial of the gratitude and affection I bear them; but prudence forbids;not that it would injure me, but it might embarrass them; for it is almost an unpardonable offence to teach slaves to read in this Christian country.Which of the following best summarizes the passages?The white boys in his neighborhood taught him to read in exchange for pieces of bread.It was against the rules to teach slaves to read in white Christian country.Frederick Douglass was wealthy while the white boys were poor.Frederick Douglass couldnt go to school because he had too many errands to do.