Rare Coins

(CRRC)

was formed on

January

1,

2018.

Additional data for the year follow:

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(Click the icon to view the data.)Read the requirements

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.

Previous question 1, 2018. Additional data for the year follow: Classic Reserve Rare Coins (CRRC (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 CRRC'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. Classic Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue Sales Revenue $ 1,147,500 $ 350,000 Expenses: Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense 21,000 82,000 10,400 Income Tax Expense 22,000 Total Eynenses 485,400 Requirement 3. Prepare CRRC's balance sheet at December 31, 2018. Classic Reserve Rare Coins Balance Sheet December 31, 2018 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Stockholders' Equity Property, Plant, and Equipment: Total Stockholders' Equity II Total Assets Total Liabilities and Stockholders' Equity Previous question 1, 2018. Additional data for the year follow: Classic Reserve Rare Coins (CRRC (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 CRRC'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. Classic Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue Sales Revenue $ 1,147,500 $ 350,000 Expenses: Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense 21,000 82,000 10,400 Income Tax Expense 22,000 Total Eynenses 485,400 Requirement 3. Prepare CRRC's balance sheet at December 31, 2018. Classic Reserve Rare Coins Balance Sheet December 31, 2018 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Stockholders' Equity Property, Plant, and Equipment: Total Stockholders' Equity II Total Assets Total Liabilities and Stockholders' Equity