Requirement 3. Prepare NARRC's balance sheet at December 31, 2024 North American Reserve Rare Coins Balance Sheet December 31, 2024 Liabilities Current Liabilities: Accounts Payable Assets Current Assets Cash Accounts Receivable Salaries Payable Merchandise Inventory Total Current Liabilitles Total Current Assets Stockholders' Equity Common Stock Property, Plant, and Equipment Store Fixtures Less Accumulated Depreciation Retained Earnings Total Stockholders' Equity Total Assets Total Liabilities and Stockholders' Equity Help me solve this Demodocs example Get more help = @ 77 The purpose of the statement of cash flows is to show where cash came from and how cash was spent dur Requirement 2. Prepare NARRC's income statement for the year ended December 31, 2024. Use the single North American Reserve Rare Coins Income Statement Year Ended December 31, 2024 Revenue Sales Revenue $ 1.160,000 Expenses Rent Expense $ 11,000 Cost of Goods Sold 290,000 Income Tax Expense 20,000 Depreciation Expense 10,800 Salaries and Wages Expense 92,000 Total Expenses 423,800 Net Income $ 736,200 Requirement 3. Prepare NARRC's balance sheet at December 31, 2024 - X More info a. On January 1, 2024, 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, $310,000 3. For rent expense on a store building, $11,000 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 2024 NARRC sold 2,900 units of merchandise inventory for $400 each Before year-end the company collected 80% of this amount Cost of goods sold for the year was $290,000, and ending merchandise inventory totaled $263.000 e. The store employs three people. The combined annual payroll is $92,000, of which NARRC still owes $2,000 at year-end f. At the end of the year, NARRC paid income tax of $20,000. There are no income taxes payable 9. Late in 2024, NARRC paid cash dividends of $34.000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value Print Done - Requirements - X d od 1. What is the purpose of the statement of cash flows? 2. Prepare NARRC's income statement for the year ended December 31, 2024 Use the single-step format with all revenues listed together and all expenses listed together 3. Prepare NARRC's balance sheet at December 31, 2024 4. Prepare NARRC's statement of cash flows using the indirect method for the year ended December 31, 2024 at with all revenues li Print Done