More Info Dazzling Motors, Inc., was formed on January (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare Dazzling Motors, Inc. be listed together and all exp Dazzling Motors, Ind Income Statement Year Ended December 31 On January 1, 2016. Dazzling issued its common stock for $430,000. Early in January Dazzling made the following cash payments: a $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2016 rent on a store building In February, Dazzling purchased four cars for inventory on count Cost of this inventory was $192,000 (548,000 each). Before year-end, Darring paid $115.200 of this debt. The company uses the first in, first-out (FIFO) method to account for inventory. During 2018, Dazzling sold 7 autos for a total of $504,000. Before year-end, thad collected 70% of this amount. The business employs two people. The combined annual payroll is 500,000 of which Dazzling owes $5,000 at year-end. At the end of the year, Dazzling pad income tax of $22.000. Late in 2016, Dazzling declared and paid cash dividends of $16.000. For equipment, Dazzling uses the straight-line depreciation method over five years with Zero residualni Revenue: Expenses 1, 2016. The following transactions occurred during 2016: Requirements 1. Prepare Dazzling Motors, Inc.'s, income statement for the year ended December 31, 2016. Use the single-step format, with all revenues listed together and all expenses together. Prepare Dazzling's balance sheet at December 31, 2016. 3. Prepare Dazzling's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the indirect method. e sheet Print Done Der in the input fields and then continue to the next question. More Info Dazzling Motors, Inc., was formed on January (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare Dazzling Motors, Inc. be listed together and all exp Dazzling Motors, Ind Income Statement Year Ended December 31 On January 1, 2016. Dazzling issued its common stock for $430,000. Early in January Dazzling made the following cash payments: a $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2016 rent on a store building In February, Dazzling purchased four cars for inventory on count Cost of this inventory was $192,000 (548,000 each). Before year-end, Darring paid $115.200 of this debt. The company uses the first in, first-out (FIFO) method to account for inventory. During 2018, Dazzling sold 7 autos for a total of $504,000. Before year-end, thad collected 70% of this amount. The business employs two people. The combined annual payroll is 500,000 of which Dazzling owes $5,000 at year-end. At the end of the year, Dazzling pad income tax of $22.000. Late in 2016, Dazzling declared and paid cash dividends of $16.000. For equipment, Dazzling uses the straight-line depreciation method over five years with Zero residualni Revenue: Expenses 1, 2016. The following transactions occurred during 2016: Requirements 1. Prepare Dazzling Motors, Inc.'s, income statement for the year ended December 31, 2016. Use the single-step format, with all revenues listed together and all expenses together. Prepare Dazzling's balance sheet at December 31, 2016. 3. Prepare Dazzling's statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the indirect method. e sheet Print Done Der in the input fields and then continue to the next