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HW Score: 31.03%, 3.1 of 10 pts Question Help Score: 0 of 2 pts 5 of 77 completel P16-32A (book/static) American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow. (Click the icon to view the data. Read the reguirements Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is Click to select your answers) and then click Check Answer Clo Check Answer 6 parts remaining Score: 0 of 2 pts 5 of 77 completel HW Score: 31.03%, 3.1 of 10 pts Question Help X P16-32A (book/static) American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow (Click the icon to view the data.) Read the requirements More Info Requirement 1. What is the purpose of the The purpose of the statement of cash flow a. On January 1, 2018, ARC issued no per common stock for $450.000 b. Early in January, ARC made the following cash payments 1. For store fixtures, 553,000 For merchandise inventory, $340,000 3. For rent expense on a store building. $20,000 c. Later in the year, ARC purchased merchandise inventory on account for $239,000 Before year-end. ARC paid $139,000 of this accounts payable d. During 2018. ARC sold 2.400 units of merchandise inventory for $275 each Before year and the company collected 85% of this amount Cost of goods sold for the year was $250,000, and ending merchandise inventory totaled $329,000 o. The store employs three people. The combined annual payroll ts $96.000, of which ARC stilowes $3.000 at year-end 1. At the end of the year ARC paid income tax of $17.000. There are no income taxes Payable 9. Late in 2018. ARC pold cash dividende of $44.000 h. For store fixtures, ARC use the straightine depreciation method, over five years. with zero residual value 2 Print Done Click to select your answers) and then click Check Answer, parts remaining Cler Check 5 of 7 (7 complete) HW Score: 31.03%, 3.1 of 10 pts Score: 0 of 2 pts X P16-32A (book/static) Question Help American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: Click the icon to view the data) Read the regulaments 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 ARC's Income statement for the year ended December 31, 2016. Use the single-stop format, with all revenues listed together and al expensen isted together, American Rare Coins Income Statement Year Ended December 31, 2018 S Ravens: Sales Revenue Expenses Cost of Goods Sold Balaries and Wages Expense Depreciation Expenso Rent Expense Income Tax Expense Total Expenses Net Income Requirement 3. Prepare ARC's balance sheet at December 31, 2018 Enter any number in the edit fields and then click Check Answer All parts showing Clear All Check Answer HW Score: 31.03%, 3.1 of 10 pts Question Help Score: 0 of 2 pts 5 of 77 complete) X P16-32A (book/static) American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow (Click the icon to view the data.) Read the requirements Requirement 3. Prepare ARC's balance sheet at December 31, 2018 American Rare Coins Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Balance Sheet December 31, 2018 Liabilities Current Liabilities Accounts Payable Salaries Payable Total Current Liabilities Property. Plant, and Equipment Store Fixtures Less: Accumulated Depreciation Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity Requirement 4. Prepare ARC's statement of cash flows using the indirect method for the year ended December 31, 2018. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zeroEnter "o for a zero cash balance) Enter any number in the edit fields and then click Check Answer All parts showing Clear Al Check Answer Score: 0 of 2 pts 5 of 7 (7 complete HW Score: 31.03%, 3.1 of 10 pts X P16-32A (book/static) Question Help American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow (Click the icon to view the data) Read the requirements Requirement 4. Prepare ARC's statement of cash flows using the Indirect method for the year ended December 31, 2018. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Enter "O" for a zero cash balance.) Complete the statement one section at a time, beginning with the cash flows from operating activities American Rare Coins Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities Net Income Adjustments to Reconelle Not Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense Increase in Accounts Receivable Increase in Merchandise inventory Increase in Accounts Payable Increase in salaris Payable Net Cash Provided by used for Operating Advies Enter any number in the edit fields and then click Check Answer All parts showing Clear All Check Answer HW Score: 31.03%, 3.1 of 10 pt Question Help Score: 0 of 2 pts 5 of 7 (7 completo X P16-32A (book/static) American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the your follow. (Click the icon to view the data) Read the requirements Increase in Accounts Payable Increase in Salarios Payable Net Cash Provided by (Used for) Operating Activities Cash Flows from investing Activities Cath Payment for Acquisition of Store Fours Net Cash Provided by (Used for investing Activities Cash Flows from Financing Activities Cash Rewolpe from launce of Common Stock Cash Payment of Dividende Nut Coh Provided by (oad for Financing Activities Net Increase (Decreano) in Cash Cash Balance, December 31, 2017 Cash Balanco. December 31, 2018 This question in complete. Move your cursor over or tap on the red arrows to see incorrect answers, All parts showing Try Again