f cash flows? where cash came Requirements - X 1. What is the purpose of the statement of cash flows? the year ended D 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 ogether expenses listed together 3. Prepare ARRC's balance sheet at December 31, 2024 4. Prepare ARRC's statement of cash flows using the indirect method for the year ended December 31, 2024. $ 840,000 Print Done med on January 1, 202 ment of cash flows? how where cash ca at for the year ende S 000 00 00 More info a. On January 1, 2024, ARRC issued no par common stock for $500,000 b. Early in January, ARRC made the following cash payments 1. For store fixtures, $45,000 2. For merchandise inventory, $300,000 3. For rent expense on a store building, $16,000 - X 840,00 c. Later in the year, ARRC purchased merchandise inventory on account for $235,000 Before year-end, ARRC paid $145,000 of this accounts payable d. During 2024, ARRC sold 2,100 units of merchandise inventory for $400 each Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $260,000, and ending merchandise inventory totaled $275,000. e. The store employs three people. The combined annual payroll is $90,000, of which ARRC still owes $4,000 at year-end f. At the end of the year, ARRC paid income tax of $24,000. There are no income taxes payable. g. Late in 2024, ARRC paid cash dividends of $40,000. h. For store fixtures, ARRC uses the straight-line depreciation method, over five years, with zero residual value. ther 00 399.00 Print Done