Classic Reserve Rare Coins(CRRC)was formed on January1,2018. Additional data for the year follow:

Requirement 1. What is the purpose of the statement of cash flows?

ALL requirements please

P14-32A (similar to) Qucstion Hclo January 1, 2018, Addsonal data tor the vear tollow: Classic Hesarve Hare Coins (CHHC) was tarmad a Cick the icon to view the data) Reed theuents Requirement 1. Whst is the purpoee of the siatemenl of cesh flows? The purpose of the statement of cash flows is Click to select your answeris)) and then click Check Answor ? - X iMore Info a. On January 1, 2018, CRRC issued no par common stock for $525,000 b. Early in January, CRRC made the following cash payments: 1 For store fixtures, $47,000 2. For merchandise inventory, $240,000 3. For rent expense on a store building, S17,000 c. Later in the year, CRRC purchased merchandise inventory on account for $240,000. Before year-end, CRRC paid S150,000 of this accounts payable. d. During 2018, CRRC sold 2,200 units of merchandise inventory for $250 each Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $270,000, and ending merchandise inventory totaled $210,000. e. The store employs three people. The combined annual payroll is $88,000, of which CRRC still owes $2,000 at year-end f. At the end of the year, CRRC paid income tax of $20,000. There are no income taxes payable g. Late in 2018, CRRC paid cash dividends of $41,000 h. For store fixtures, CRRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done X i Requirements 1 What is the purpose of the statement of cash flows? Prepare CRRC'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 CRRC's balance sheet at December 31, 2018 2. 3. 4. Prepare CRRC's statement of cash flows using the indirect method for the year ended December 31, 2018 Print Done