Midwestern Reserve Rare Coins Balance Sheet December 31, 2024 Assets Liabilities Current Assets Current Liabilities Total Current Liabilities Total Current Assets Stockholders' Equity Property. Plant, and Equipment Total Stockholders' Equity Total Assets Total Liabilities and Stockholden' Equity Help me solve this Demodocs example Get more help Requirements 1. 2. What is the purpose of the statement of cash flows? Prepare MRRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together Prepare MRRC's balance sheet at December 31, 2024 Prepare MRRC's statement of cash flows using the indirect method for the year ended December 31, 2024 3. 4. Print Done More info a. On January 1, 2024, MRRC issued no par common stock for $550,000 b. Early in January, MRRC made the following cash payments: 1. For store fixtures $55,000 2. For merchandise inventory, $320,000 3. For rent expense on a store building, $12,000 c. Later in the year, MRRC purchased merchandise inventory on account for $236,000. Before year-end, MRRC paid $146,000 of this accounts payable. d. During 2024, MRRC sold 2,200 units of merchandise inventory for $375 each Before year-end, the company collected 85% of this amount Cost of goods sold for the year was $300,000, and ending merchandise inventory totaled $256.000 e. The store employs three people. The combined annual payroll is $94.000, of which MRRC still owes $6,000 at year-end f. At the end of the year, MRRC paid income tax of $16.000. There are no income taxes payable g. Late in 2024, MRRC paid cash dividends of $36.000 h. For store fixtures, MRRC uses the straight-line depreciation method over five years with zero residual value. Print Done Midwestern Reserve Rare Coins Balance Sheet December 31, 2024 Assets Liabilities Current Assets Current Liabilities Total Current Liabilities Total Current Assets Stockholders' Equity Property. Plant, and Equipment Total Stockholders' Equity Total Assets Total Liabilities and Stockholden' Equity Help me solve this Demodocs example Get more help Requirements 1. 2. What is the purpose of the statement of cash flows? Prepare MRRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together Prepare MRRC's balance sheet at December 31, 2024 Prepare MRRC's statement of cash flows using the indirect method for the year ended December 31, 2024 3. 4. Print Done More info a. On January 1, 2024, MRRC issued no par common stock for $550,000 b. Early in January, MRRC made the following cash payments: 1. For store fixtures $55,000 2. For merchandise inventory, $320,000 3. For rent expense on a store building, $12,000 c. Later in the year, MRRC purchased merchandise inventory on account for $236,000. Before year-end, MRRC paid $146,000 of this accounts payable. d. During 2024, MRRC sold 2,200 units of merchandise inventory for $375 each Before year-end, the company collected 85% of this amount Cost of goods sold for the year was $300,000, and ending merchandise inventory totaled $256.000 e. The store employs three people. The combined annual payroll is $94.000, of which MRRC still owes $6,000 at year-end f. At the end of the year, MRRC paid income tax of $16.000. There are no income taxes payable g. Late in 2024, MRRC paid cash dividends of $36.000 h. For store fixtures, MRRC uses the straight-line depreciation method over five years with zero residual value. Print Done
