Noth American Reserve Rare Coins (NARRC) was formed on January 1. 2018. Adsitional da for the year llow (Cick the icon to view the data) Read Dhe requirement Requirement 1. What is the purpose of the statement of cash fiows The pupose of the statement of cash flows is Requirement 2 Preparo NARRC's ione statement for the year onded December 31, 2014 use the n-stepformat, with a. rovotues inted togther and al expenses isted together Year Ended December 31, 201 Revenue Expenses Total Expenses Requirement 3. Prepare NARRC's balance steet a December 31, 2018 North American Reserve Rare Coins December 31, 2018 Current Assets Total Cument Assets Property. Plant, and Equipment Requirement 4 Prepare NARRCs stanement of cash fows using the indirect meed tor te year ended December 31 2018 (Use a minus sign or parentheses for balance.) Statement of Cash Year Ended December 31, 2018 Cash Flows from Operating Activities Adjustments to Reconole Net Income to Net Cash Provided by (Used for)Operating Actities North American Reserve Rare Cons (NARRC) was formed on January 1-2018. Adaou. tr 2e ye" folow (Click the lcon to view the dats Read the sequremets Requirement 3. Prepare NARRC's balance sheet atl December 31, 2018 December 31, 2018 Assets Current Assels Oument Liabildes Total Current Lble Total Cument Assets Property, Pliant, and Equipment otal Stockholdens Equty otal Asse Requirement Prepare NARRCS statenent of cash fows using he niect metod for year balance) Complele the staement one section at a time, beginning with the cash fows from operating actvities Total Liablies and Stockhoders Equty Docember 31 , 201 Rhe a mns gn or parenthnes for North American Reserve Rare Coins Statement of Cash Year Ended December 31, 2018 Cash Flows from Operating Activities Net Income Adjusiments to Reconcile Net Income to Net Cash Provided by (Uised for) Operating Activities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Actives Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2017 Cash Balance, December 31, 2018 More Info a. On January 1, 2018, NARRC issued no par common stock for $425,000. b. Early in January, NARRC made the following cash payments: 1. For store fixtures, $54,000 2. For merchandise inventory, $280,000 3. For rent expense on a store building, $19,000 Later in the year, NARRC purchased merchandise inventory on account for $234,000. Before year-end, NARRC paid $144,000 of this accounts payable. c. d. During 2018, NARRC sold 2,000 units of merchandise inventory for $350 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $350,000, and ending merchandise inventory totaled $164,000. e. The store employs three people. The combined annual payroll is $86,000, of which f. At the end of the year, NARRC paid income tax of $15,000. There are no income g. Late in 2018, NARRC paid cash dividends of $41,000. NARRC still owes $7,000 at year-end. taxes payable. h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value Print Done 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