can you please answer the questions in order and make it simple.

-step * Requirements 1. Prepare Retro's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together 2. Prepare Retro's balance sheet at December 31, 2018 3. Prepare Retro's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method. Print Done i More Info On January 1, 2018, Retro issued its common stock for $575,000. Early in January Retro made the following cash payments: a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2018 rent on a store building In February, Retro purchased four cars for inventory on account. Cost of this inventory was $192,000 ($48,000 each). Before year-end, the company paid off $96,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Retro sold ten autos for a total of $650,000. Before year-end, it had collected 70% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Retro owes $12,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2018. Retro declared and paid cash dividends of $17,000. For equipment, Retro uses the straight-line depreciation method. over five years, with zero residual value. Print Done Ratro Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare Retro's income statement for the year ended December 31, 2018. Use the singlo-step format, with all revenues listed to Retro Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Expenses: Choose from any list or enter any number in the input fields and then continue to the next question. Repo Motors, Inc. was formed on January 1, 2016. The following transactions occurred during 2018 Click the son to view the transactions) Read more Requirement 1. Prepares income Matement for the year anded December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together, Retro Motors, Inc Income Statement Year Ended December 31, 2018 Comory torreny number in the routes and then Retro Motors, Inc., was formed on January 1, 2018. The following transactions occurre (Click the icon to view the transactions.) Read the requirements. Retro Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: 10 Expe Accumulated depreciation Cash Common stock Cost of goods sold Depreciation expense Income tax expense Net income (oss) Rent expense Requireme Retained earnings Salary expense Choose froi Sales revenue st December 31, 2018 e input fields and then continue to the Retro Motors, Inc., was formed on January 1, 2018. The following transactions occurre (Click the icon to view the transactions.) Read the requirements. Retro Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: 10 Expe Accumulated depreciation Cash Common stock Cost of goods sold Depreciation expense Income tax expense Net income (oss) Rent expense Requireme Retained earnings Salary expense Choose froi Sales revenue st December 31, 2018 e input fields and then continue to the Retro Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare Retro's balance sheet at December 31, 2018 Retro Motors, Inc. Balance Sheet December 31, 2018 Assets Liabilities Current assets Current liabilities: Stockholders equity Property, plant and equipment: Choose from any list or enter any number in the input fields and then continue to the next question Retro Motors, Inc., was formed on January 1, 2018. The following transactions oc (Click the icon to view the transactions.) Read the requirements. Requirement 2. Prepare Retro's balance sheet at December 31, 2018. Retro Motors, Inc. Balance Sheet December 31, 2018 Assets Current assets Current liabilitie Accounts payable Accounts receivable Accumulated depreciation Cash Common stock Equipment Inventory Retained earnings Salary payable Stockho out fields and then continue to the Retro Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements December 31, 2018 Assets Liabilities Current assets: Current liabilities: 7 Stockholders' equity Property, plant, and equipment: Less ID Choose from any list or enter any number in the input fields and then continue to the next question Retro Motors, Inc. was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements Requirement 3. Prepare Retro's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method. (Use decrease in cash. Enter "U" for zero balances.) Retro Motors, Inc. Statement of Cash Flows (Direct Method) Year Ended December 31, 2018 Cash flows from operating activities: Cash payments: Total cash payments Net cash provided by used for operating activities Cash flows from investing activities: Choose from any list or enter any number in the input fields and then continue to the next question This Quesuon. PI ng transactions occu year ended Decemt Collections from customers Re Depreciation For income tax Increase in accounts payable RE Increase in accounts receivable Re Increase in inventory de Increase in salary payable Issuance of common stock Payment of dividend Purchase of equipment To employees To sungliers thod) Cash payments: Total cash payments Net cash provided by (used for) operating activities Cash flows from investing activities: Choose from any list or enter any number in the input fields and then continue to t Retro Motors, ine, was formed on Janusy 1, 2016. The following transactions occurred during 2018: Click then to view the tractions) Read the Requirement 3. Propers Remes tener cash flows for the year ended December 31, 2018, Format cash flows from operating activities using the direct method. (Use parentheses or a minuss decrease in the formances) Retro Motors, Inc wment of Cash Flow (Direct Method) Year Ended December 31, 2018 Cashows from operating activities Toucash payments Net cash provided by used for operating activities Cash flows from investing activities Coose from any list or enter my number in the input fields and then continue to the next question, Retro Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. Total cash payments Net cash provided by (used for) operating activities Cash flows from Investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Net cash provided by used for) financing activities Net increase (decrease) in cash Choose from any list or enter any number in the input fields and then continue to the next question ng transactions occ Collections from customers Depreciation For income tax Increase in accounts payable Increase in accounts receivable Increase in inventory Increase in salary payable Issuance of common stock Payment of dividend Purchase of equipment To employees To suppliers Net cash provided by (used for) financing activities Net increase (decrease) in cash