## Answers

**Solution A:**

Dan Watson Merchandising | ||||||||||||||

Horizontal Statement Model | ||||||||||||||

Event | Balance Sheet | Income Statement | Statement of Cash Flows | |||||||||||

Assets | = | Stockholder's Equity | Revenue | - | Expense | = | Net Income | |||||||

Cash | + | Inventory | = | Common Stock | + | Retained Earnings | ||||||||

1 | $30,000.00 | + | $0.00 | = | $30,000.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | $30,000.00 | FA |

2 | -$18,000.00 | + | $18,000.00 | = | $0.00 | + | $0.00 | $0.00 | - | $0.00 | = | $0.00 | -$18,000.00 | OA |

3a | $32,000.00 | + | $0.00 | = | $0.00 | + | $32,000.00 | $32,000.00 | - | $0.00 | = | $32,000.00 | $32,000.00 | OA |

3b | $0.00 | + | -$15,000.00 | = | $0.00 | + | -$15,000.00 | $0.00 | - | $15,000.00 | = | -$15,000.00 | $0.00 | NA |

Total | $44,000.00 | + | $3,000.00 | = | $30,000.00 | + | $17,000.00 | $32,000.00 | - | $15,000.00 | = | $17,000.00 | $44,000.00 | NC |

**Solution B:**

Dan Watson Merchandising | |

Income Statement | |

Particulars | Amount |

Revenue | $32,000.00 |

Cost of goods sold | $15,000.00 |

Gross Profit | $17,000.00 |

Operating expenses | $0.00 |

Net Income | $17,000.00 |

**Solution C:**

Total Assets = $44,000 + $3,000 = $47,000

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