Making use of the data provided in the question to showcase the effects of the events on the financial statements ( using horizontal statements model )
b) The amount of total assets at end of year 1 = $76,000
<u><em>Attached below is the Excel sheet showing the effect of the events on the financial statements. </em></u>
A) The effects of the financial statement using horizontal statements attached below
b) The amount of total assets = ∑ Cash + A/R
= [40,000 + (-10,000 ) + 47,000 + ( -16,000 ) + ( -8000 ) ] + [ 70,000 - 47,000 ]
= $76,000
Hence we can conclude that the total assets = $76,000 and the effects of the events is shown using the horizontal statement model.
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