frontier rare coins income statement

meworkld-5558369438questionid=18flushed=false&cid=58815558centerwinayes Homework Assignment 1 of 1 (1 complete) 0 More Info B Add a. On January 1, 2018, FRC issued no par common stock for $500,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $46,000 2. For merchandise inventory, $260,000 3. For rent expense on a store building, $13,000 C. Later in the year, FRC purchased merchandise inventory on account for $241,000. Before year-end, FRC paid $141,000 of this accounts payable. d. During 2018, FRC sold 2,900 units of merchandise inventory for $400 each. Before year-end, the company collected 95% of this amount. Cost of goods sold for the year was $310,000, and ending merchandise inventory totaled $191,000. e. The store employs three people. The combined annual payroll is $92,000, of which FRC still owes $4,000 at year-end. f. At the end of the year, FRC paid income tax of $22,000. There are no income taxes payable. Late in 2018, FRC paid cash dividends of $43,000 h. For store fixtures, FRC uses the straight-line depreciation method, over five years, with zero residual value. fields Print Done Score: 0.02 of 1 pt 1 of 1 (1 complete) PC-32A (similar to) Frontier Rare Coins (FRC) 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 to show where cash came from and how cash was spent during the period Requirement 2. Prepare FRCS income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses sled together Frontier Rare Coins Income Statement Year Ended December 31, 2018 Revenue Expenses Choose from any list or enter any number in the input fields and then click Check Answer parts Clear All emaining Jay 1, 2016. Additional data for the year (Click the icon to view the data) Read the requirements. Revenue: Expenses: Total Expenses Net Income Choose from any list or enter any number in the input fields and then click Check parts Pemaining