North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the data.) Read the requirements. North American Reserve Rare Coins Balance Sheet December 31, 2018 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets ho Stockholders' Equity Property, Plant, and Equipment: Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts Check remaining Clear All ourse (BA ZTZ Online Spring 2020: Edwards is based on Nobles: Horngren's Financial & i More Info a. On January 1, 2018, NARRC issued no par common stock for $525,000. b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $250,000 3. For rent expense on a store building, $14,000 c. Later in the year, NARRC purchased merchandise inventory on account for $243,000. Before year-end, NARRC paid $163,000 of this accounts payable. d. During 2018, NARRC sold 2,500 units of merchandise inventory for $300 each. Before year-end, the company collected 95% of this amount. Cost of goods sold for the year was $350,000, and ending merchandise inventory totaled $143,000. e. The store employs three people. The combined annual payroll is $92,000, of which NARRC still owes $4,000 at year-end. f. At the end of the year, NARRC paid income tax of $16,000. There are no income taxes payable g. Late in 2018, NARRC paid cash dividends of $40,000. h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value. any Print Done Clear All Edwarasis based on Nobles: Horngren's Financiare ers, be PrtScn FR H F4 F5 F6 4 of 5 (4 complete) IARRC) was formed on January 1, 2018. Additional data for the year follow: North American Reserve Rare Coins Balance Sheet December 31, 2018 LLLL Requirements 1. 2. What is the purpose of the statement of cash flows? Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare NARRC's balance sheet at December 31, 2018. Prepare NARRC's statement of cash flows using the indirect method for the year ended December 31, 2018. 3. 4. Print Done y number in the input fields and then click Check Answer Clear All arasis based on Nobles: Horngren's Financial & nilar to) orth American Reserve Rare Coins (NARRC) was formed on January 1, (Click the icon to view the data.) Read the requirements. North American Reserve Rar Balance Sheet December 31, 2018 Assets Current Assets: Current Accounts Payable Total Cu Accounts Receivable Cash Common Stock Cost of Goods Sold Less: Accumulated Depreciation Merchandise Inventory Total Stock Rent Expense Retained Earnings Salaries Payable Total Liabilities Store Fixtures Choose from any list or enter any number in the input fields and then click Che 4 parts remaining Cle ourse TBA expenses listed together. North American Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue: Sales Revenue $ 750,000 A $ 14,000 Expenses: Rent Expense Cost of Goods Sold Income Tax Expense Depreciation Expense Salaries and Wages Expense Total Expenses 350,000 16,000 11,000 92,000 483,000 267,000 Net Income Requirement 3. Prepare NARRC's balance sheet at December 31, 2018. e Choose from any list or enter any number in the input fields and then click Check Answer. Clear All 4 parts remaining Score: 2.62 of 11 pts 4 of 5 (4 complete) HW Score % P14-32A (similar to) North American Reserve Rare Coins (NARRC) 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 NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. North American Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue Sales Revenue $ 750,000 Expenses Rent Expense $ 14,000 Cost of Goods Sold 350.000 Income Tax Expense 16,000 Depreciation Expense 11,000 Salaries and Wages Expense 92,000 Total Expenses 483,000 Net Income $ 267.000 Requirement 3. Prepare NARRC's balance sheet at December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All Ch i More Info a. On January 1, 2018, NARRC issued no par common stock for $525,000. b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $250,000 3. For rent expense on a store building, $14,000 c. Later in the year, NARRC purchased merchandise inventory on account for $243,000. Before year-end, NARRC paid $163,000 of this accounts payable. d. During 2018, NARRC sold 2,500 units of merchandise inventory for $300 each. Before year-end, the company collected 95% of this amount Cost of goods sold for the year was $350,000, and ending merchandise inventory totaled $143,000. e. The store employs three people. The combined annual payroll is $92,000, of which NARRC still owes $4,000 at year-end. f. At the end of the year, NARRC paid income tax of $16,000. There are no income taxes payable g. Late in 2018, NARRC paid cash dividends of $40,000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value. any Print Done Clear All Edwards is based on Nobles: Horngren's Financiare ers, be x I PrtScn . F4 F5 F6 FR 4 of 5 (4 complete) IARRC) was formed on January 1, 2018. Additional data for the year follow: North American Reserve Rare Coins Balance Sheet December 31, 2018 A Requirements 1. 2. What is the purpose of the statement of cash flows? Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare NARRC's balance sheet at December 31, 2018. Prepare NARRC's statement of cash flows using the indirect method for the year ended December 31, 2018. 3. 4. Print Done y number in the input fields and then click Check Answer Clear All arasis based on Nobles: Horngren's Financial & Score: 2.62 of 11 pts 4 of 5 (4 complete) HW Score % P14-32A (similar to) North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the loon 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 NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. North American Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue Sales Revenue $ 750,000 Expenses Rent Expense 14,000 Cost of Goods Sold 350.000 Income Tax Expense 16,000 Depreciation Expense 11,000 Salaries and Wages Expenso 92,000 Total Expenses 483,000 Net Income $ 267.000 Requirement 3. Prepare NARRC's balance sheet at December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All ch