American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare ARC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. American Rare Coins Income Statement Year Ended December 31, 2018 i Requirements Revenue: 1. 2. Expenses: What is the purpose of the statement of cash flows? Prepare ARC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare ARC's balance sheet at December 31, 2018. Prepare ARC's statement of cash flows using the indirect method for the year ended December 31, 2018. 3. 4. Print Done Total Expenses Net Income American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare ARC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. American Rare Coins Income Statement Year Ended December 31, 2018 i Requirements Revenue: 1. 2. Expenses: What is the purpose of the statement of cash flows? Prepare ARC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare ARC's balance sheet at December 31, 2018. Prepare ARC's statement of cash flows using the indirect method for the year ended December 31, 2018. 3. 4. Print Done Total Expenses Net Income