forget the other question this is the right one

National Reserve Rare Coins (NRRC) was formed on January 1, 2018. 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 flows is Click to select your answer(s) and then click Check Answer. parts romaininn Clear All - X ew the data) More Info a. On January 1, 2018, NRRC issued no par common stock for $400,000 b. Earty in January, NRRC made the following cash payments 1. the purpose of the For store fixtures, $55,000 2. ement of cash flows For merchandise inventory, $330,000 3. For rent expense on a store building, $11,000 c. Later in the year, NRRC purchased merchandise inventory on account for $243,000. Before year-end, NRRC paid $153,000 of this accounts payable. d. During 2018, NRRC sold 2,700 units of merchandise inventory for $425 each. Before year-end, the company collected 95 % of this amount. Cost of goods sold for the year was $260,000, and ending merchandise inventory totaled $313,000 e. The store employs three people The combined annual payroll is $82,000, of which NRRC still owes $6,000 at year-end f. At the end of the year, NRRC paid income tax of $15,000 There are no income taxes payable g. Late in 2018, NRRC paid cash dividends of $37,000 h. For store fixtures, NRRC uses the straight-line depreciation method, over five years, with zero residual value Print Done ver(s) and then c Claar All Check er A Chapter 14 Homework HW 1 of 1 (1 complete) ar to) (NRRC) was formed on January 1, 2018. Additional data for the year follow e data.) purpose of the sta , X i Requirements nt of cash flows is What ic tho nurnoco of tho ctatomont of cach floun2 American Reserve Rare Coins (ARRC) was formed on January 1, 2018. Additional data for the year follow Click the icon to view the data) Read the resquirements Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is Click to select your answer(s) and then click Check Answer 1 of 1 (1 complete) More Info as a. On January 1, 2018, ARRC issued no par common stock for $550,000. b. Early in January, ARRC made the following cash payments For store fixtures, $51,000 1 e For merchandise inventory, $320,000 For rent expense on a store building, $17,000 2. 3. WS c. Later in the year, ARRC purchased merchandise inventory on account for $241 000 Before year-end, ARRC paid $141,000 of this accounts payable d. During 2018, ARRC sold 2,800 units of merchandise inventory for $225 each Before year-end, the company collected 85% of this amount. Cost of goods sold for the year was $290,000, and ending merchandise inventory totaled $271,000 ncli Done Print X Requirements What is the purpose of the statement of cash flows? 2 1. Prepare ARRC'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 ARRC's balance sheet at December 31, 2018. Prepare ARRC's statement of cash flows using the indirect method for the year ended December 31, 2018 er 3. 4. Print Done Clear All X