Outdoor World experienced the following business events during its first year of operation.The company uses a perpetual inventory system.1)Purchased merchandise on account for $170,000.2)Sold inventory costing $124,000 for $208,000 on account.3)Paid transportation-out cost of $7,000 on goods sold.4)Paid operating expenses of $55,200.5)Sold land for $45,400 that had cost $50,000.6)A count of the inventory revealed that there was $45,800 of inventory on hand at the end of Year 1.Required:What was Outdoor World's net income for Year 1?What was the gross margin and the gross margin percent for Year 1?What amount of inventory will be reported on the balance sheet for December 31, Year 1?Prepare a multistep income statement for Year 1.

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The Answer of Outdoor World experienced the following business events during its first year of operation.The company uses a perpetual inventory system.1)Purchased merchandise on account for $170,000.2)Sold inventory costing $124,000 for $208,000 on account.3)Paid transportation-out cost of $7,000 on goods sold.4)Paid operating expenses of $55,200.5)Sold land for $45,400 that had cost $50,000.6)A count of the inventory revealed that there was $45,800 of inventory on hand at the end of Year 1.Required:What was Outdoor World's net income for Year 1?What was the gross margin and the gross margin percent for Year 1?What amount of inventory will be reported on the balance sheet for December 31, Year 1?Prepare a multistep income statement for Year 1.

Outdoor World Experienced the Following Business Events During Its First