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Sweet Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. ( More Info Requirement 1. Prepare Sweet's income statement for the year ended Decel expenses together. Sweet Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Sales revenue $ 504,000 282,000 Expenses: Cost of goods sold Salary expense Depreciation expense Rent expense On January 1, 2018, Sweet issued its common stock for $430,000. Early in January, Sweet 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 2018 rent on a store building In February, Sweet purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year-end, the company paid off $115,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2018, Sweet sold seven autos for a total of $504,000. Before year-end, it had collected 40% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Sweet owes $8,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2018, Sweet declared and paid cash dividends of $12,000. For equipment, Sweet uses the straight-line depreciation method, over five years, with zero residual value. 60,000 32,000 18,000 22,000 Income tax expense Net income (loss) $ 90,000 Requirement 2. Prepare Sweet's balance sheet at December 31, 2018. Print Done Choose from any list or enter any number in the input fields and then clic A parts 4 remaining Clear All Check Answer Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities: Stockholders' equity Property, plant, and equipment: Less: L Choose from any list or enter any number in the input fields and then click Check Answer. 4 remaining 1 parts Clear All Check