Score: 0.02 of 1 pt & PC-32A (similar to) North Amserican Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow (Cick the icon to view the data ) Read the tequirements Requir ernent T. What is purpose or mo statomeen or eass tows, The purpose of the statement of cash flows is so show whore cash came from and how cash was spent during the Requirement 2. Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format with all revenues listed together and al expees lsted together Income Statement More into Revenue a. Om January 1, 2010 NARRC issued no par common stock for S425.000. b. Early January NARRC made the following cash payments Sales Reverue . For stor. tturea, $5,000 For menchandise inventlory $260,000 For rent expense on a siore building $19.00o c. Later in the year, NARRC purchased merchandise inventory on account for 234 000 Before year-and NARRG paid $144,000 of this accounts payable 1. What is the purpose of the statement of cash flows? 2. Prepare NARRC's income statement for the year ended December 31, d. During 2018, NARRC sold 2,300 units of merchandise inventory for $350 each Belote year-end, the company collected 05% of this amount Cost of goods sold for he year was $280,000, and ending merchandise inventory tolaled $234,000 2018 Use the single-step format, with all revenues listed together and all expenses listed together .The soe emplays three people The combined annual payroll is $90,000 of which f. g. Late in 2018, NARRC paid cash dividends of $37,000 3. Prepare NARRC's balance sheet at December 31, 2018 4. Prepare NARRC's statement of cash flows using the indirect method for the NARRC still owes $5.000 at year-end At the end of the year, NARRC paid income tax of $18.000 There are no income taxes payable year ended December 31, 2018 h. For store fotures, NARRC uses the straight-ine depreciation method. over five Print Done years with zero nesidual value The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the Requirement 2. Prepare NARRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues fisted together and al expenses listed together North American Reserve Rare Coins ncome Statement More Info Ended December 31, 2018 Revenue Sales Revenue 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 fotures, $51,000 2. For merchandise inventory, $280,000 . For rent expense on a store building. $19,000 c. Later in the year, NARRC purchased merchandise inventory on account for d. During 2018, NARRC sold 2,300 unsts of merchandise inventory for $350 each 234,000 Before year-end, NARRC paid $144,000 of this accounts payable Before year-end the company collected 86% oreis amount Cost of he year was $200,000, and ending merchandise inventory totaled $234,000 TIve storo employsthree peple Thecombined annual payrofissso ooo. o NARRC sll owes $5.000 at year end the end of the year, NARRC paid income tax of $18,000 There are no income axes payable s sold for Total Expenses Net Incom At Choose trom any list or enter any number in the input fieids and then click check 0. Late in 2018, NARRC paid cash dividends of $37,000 h. For store fotures, NARRC uses the straight-ine depreciation method, over five remaining years with zero residual value