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need help solving Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: 1. (Click the icon to view the
need help solving
Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: 1. (Click the icon to view the transactions.) More info On January 1, 2021, Sweet issued its common stock for $440,000. Early in January, Sweet made the following cash payments: a. $180,000 for equipment b. $203,000 for inventory (seven cars at $29,000 each) c. $17,000 for 2021 rent on a store building In February, Sweet purchased two cars for inventory on account. The cost of this inventory was $80,000 ( $40,000 per car). Before year-end, the company paid off $56,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Sweet sold eight autos for a total of $488,000. Before year-end, it had collected 40% of this amount. The business employs five people. The combined annual payroll is $125,000, of which Sweet owes $9,000 at year-end. At the end of the year, the company paid income taxes of $12,600. Late in 2021, Sweet declared and paid cash dividends of $13,000. For equipment, Sweet uses the straight-line depreciation method, over five years, Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: i) (Click the icon to view the transactions.) Requirements 1. Prepare Sweet's income statement for the year ended December 31, 2021. 021. Use the single-step Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Sweet's balance sheet at December 31, 2021. 3. Prepare Sweet's statement of cash flows for the year ended December 31 , 2021. Format cash flows from operating activities using the indirect method. Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the Requirement 1. Prepare Sweet's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: i.) (Click the icon to view the transactions.) Read the Requirement 2. Prepare Sweet's balance sheet at December 31,2021. Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021 : (i) (Click the icon to view the transactions.) Read the Requirement 2. Prepare Sweet's balance sheet at December 31, 2021. Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions.) Read the Requirement 3. Prepare Sweet's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter " 0 " for zero balances.) Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the net cash provided by (used for) operating activities: Sweet Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the Casn riows rrom investing activities Step by Step Solution
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