Classic Motors, Inc., was formed on January 1, 2018. The following transactions occured during 2018:

Classic 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 Classic's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together Classic Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Expenses: heet at necamber 31, 2018 Requirements 1. Prepare Classic'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 Classic's balance sheet at December 31, 2018. 3. Prepare Classic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. Print Done 1 More Info On January 1, 2018, Classic issued its common stock for $575,000. Early in January, Classic 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, Classic purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year-end, the company paid off $57,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Classic sold ten autos for a total of $650,000. Before year-end, it had collected 80% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Classic owes $8,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2018, Classic declared and paid cash dividends of $18,000. For equipment, Classic uses the straight-line depreciation method, over five years, with zero residual value. Print Done ic Classic Motors, Inc., was formed on January 1, 2018. The folowing transactions occurred during 2018 (Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare Classic's balance sheet at December 31, 2018 Classic Motors, Inc. Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities 0 Stockholders' equity Property, plant, and equipment: Less: Classic 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 Classic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O for zero balances.) Classic Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: 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