ilar to) ins (A he dat i More Info e secti a. On January 1, 2018, ARRC issued no par cornmon stock for $500,000. b. Early in January, ARRC made the following cash payments: A For store fixtures, $47,000 2. 1. For merchandise inventory, $270,000 For rent expense on a store building, $11,000 c. Later in the year, ARRC purchased merchandise inventory on account for $237,000. Before year-end, ARRC paid $157,000 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 $340,000, and ending merchandise inventory totaled $167,000. e. The store employs three people. The combined annual payroll is $82,000, of which ARRC still owes $7,000 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 2018, ARRC paid cash dividends of $38,000. h. For store fixtures, ARRC uses the straight-line depreciation method, over five years, Ye 3. g Activ ile Net Opera dise In s Rece se s Paya with zero residual value. Print Done n com Simil 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 requirements Complete the statement one section at a time, beginning with the cash flows from operating activities American Reserve Rare Coins Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities 163,600 Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities (167,000) Increase in Merchandise Inventory Increase in Accounts Receivable (94,500) Depreciation Expense 9,400 orre 80,000 Increase in Accounts Payable This question has not been completed. American Reserve Rare Coins (ARRC) was formed on January 1, 2018. Additional data for the year follow iClick the icon to view the data.) Read the requirements Cash Flows from Operating Activities: 163,600 S Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: (167,000) Increase in Merchandise Inventory (94,500) Increase in Accounts Receivable Depreciation Expense 9,400 Increase in Accounts Payable 80,000 Increase in Salaries Payable (165,100) 7,000 Net Cash Provided by (Used for) Operating Activities (1,500) Cash Flows from Investing Activities: American Reserve Rare Coins (ARRCJW Click the icon to view the data.) Read the requirements. (167,000) Increase in Merchandise Inventory (94,500) Increase in Accounts Receivable 9,400 Depreciation Expense 80,000 Increase in Accounts Payable (165,100) 7,000 Increase in Salaries Payable Net Cash Provided by (Used for) Operating Activities (1,500) Cash Flows from Investing Activities Net Cash Provided by (Used for) Investing Activities P14-32A (similar to 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 requirements. Increase in Merchandise Inventory (167,000) (94,500) Increase in Accounts Receivable 9,400 Depreciation Expense 80,000 Cash Payment for Acquisition of Store Fixtures Cash Payment of Dividends Cash Receipt from Issuance of Common Stock 7,000 (165,100) Depreciation Expense Increase in Accounts Payable (1,500) Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Salaries Payable Net Cash Provided by (Used for) Investing Activities