American Reserve Rare Coins (ARRC) was fomed on January 1, 2024 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 flow is Requirement 2. Prepare ARRC's income statement for the year ended December 31, 2024 Use the single step format with all revenues listed together and all expenses listed together American Reserve Rare Coins Income Statement Year Ended December 31, 2024 Revenue Expenses Total Expenses Net Income Requirement 3. Prepare ARRC's balance sheet at December 31, 2024 American Reserve Rate Coins Balance Sheet December 31, 2024 Assets Liabilities Current Assets Current Total Current Total Current Assets Stockholders' Equity Property Plantand Equipment Tout Stadholders Total Assets Totals and Sree Equity Requirement 4. Prepare ARRC's statement of cash flowing the naredne moderne ended December 31, 2024 Ureaminus sign of parenthesen for amounts that result in a decrease in cash Ita box is not used in the statement la the box omply do not select a label or enter zur Entre os for a zero cash balance American Reserve Rate Coins (ARRC) was formed on January 1, 2024. Additional data for the year follow Click the icon to view the data Read the requirements Total Stockholders' Equity Total Assets Total Liabilities and Stockholders Equity Requirement 4. Prepare ARRC's statement of cash flows using the indirect method for the year ended December 31, 2024. (Use a minus sign or parentheses for amounts that result in a decrease in canh ta box is not used in the statement leave the box emply do not selecta label or enter a zero Entro for a zero cash balance) Complete the statement one section at a time, beginning with the cash flows from operating activities American Reserve Raro Coins Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Used for) Operating Activities Net Cash Provided by (Used for Operating Active Cash Flows from Investing Activiti Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities Net Cash Provided by (Used for Financing Activiti Not Increase (Decrease in Cash Cash Balance December 31, 2023 Cash Balance, December 31, 2024 ase in cash If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. En - X More info a. On January 1, 2024, ARRC issued no par common stock for $475,000 b. Early in January, ARRC made the following cash payments 1. For store fixtures, $51,000 2. For merchandise inventory. $270,000 3. For rent expense on a store building, S16,000 C. Later in the year, ARRC purchased merchandise inventory on account for $237,000 Before year-end, ARRC paid $137,000 of this accounts payable d. During 2024. ARRC sold 3.100 units of merchandise inventory for $250 each Before year-end, the company collected 95% of this amount Cost of goods sold for the year was $280,000, and ending merchandise inventory totaled $227.000 e. The store employs three people. The combined annual payroll is $84,000, of which ARRC still owes $7.000 at year-end. f. At the end of the year, ARRC paid income tax of $22,000 There are no income taxes payable g. Late in 2024, ARRC paid cash dividends of $35,000. h. For store fixtures, ARRC uses the straight-line depreciation method over five years. with zero residual value Requirements 1. 2. sed What is the purpose of the statement of cash flows? Prepare ARRC's income statement for the year ended December 31, 2024 Use the single-step format, with all revenues listed together and all expenses listed together. Prepare ARRC's balance sheet at December 31, 2024 Prepare ARRC's statement of cash flows using the indirect method for the year ended December 31, 2024 ng 3. 4. Print sed Done in
