(Answered) Mark dixon started a small merchandising business in 2012

Accounting

Mark Dixon started a small merchandising business in 2012. The business experienced the following events during its first year of operation. Assume that Dixon uses the perpetual inventory system.

1. Acquired $40,000 cash from the issue of common stock.

2. Purchased inventory for $30,000 cash.

3. Sold inventory costing $20,000 for $32,000.

a. Record the events in a statement model

b. Prepare an income statement for 2012 (Use multistep format)

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

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