Speedy Motors, Inc., was formed on January 1, 2018. The following transactions ourrced during 2018.

Speedy Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the fequirements Requirement 1. Prepare Speedy's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Speedy Motors, Inc ncome Statement Year Ended December 31, 2018 Revenue Expenses i Requirements Prepare Speedy's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. 1. 2. Prepare Speedy's balance sheet at December 31, 2018. 3. Prepare Speedy's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method. Print Done More Info en On January 1, 2018, Speedy issued its common stock for $350,000. Early in January, Speedy made the following cash payments: a. $150,000 for equipment b. $125,000 for inventory (five cars at $25,000 each) c. $25,000 for 2018 rent on a store building In February, Speedy purchased six cars for inventory on account. Cost of this inventory was $282,000 ($47,000 each). Before year-end, the company paid off $141,000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Speedy sold six autos for a total of $426,000. Before year-end, it hacd collected 80% of this amount. The business employs three people. The combined annual payroll is $90,000, of which Speedy owes $1,000 at year-end. At the end of the year, the company paid income taxes of $14,000. Late in 2018, Speedy declared and paid cash dividends of $19,000. For equipment, Speedy uses the straight-line depreciation method, over five years, with zero residual value. Print Done Speedy Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018 (Click the icon to view the transactions.) Read the fequirements Requirement 2. Prepare Speedy's balance sheet at December 31, 2018. Speedy Motors, Inc Balance Sheet December 31, 2018 Assets Liabilities Current assets Current liabilities: ID Stockholders' equity Property, plant, and equipment: Less: Choose from any list or enter any number in the input fields and then continue to the next question. Appendix F Homework 04/19/19A 9:00nm Speedy Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018 (Click the icon to view the transactions) Read the fequirements Requirement 3. Prepare Speedy's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the direct method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O" for zero balances.) Speedy Motors, Inc. Statement of Cash Flows (Direct Method) Year Ended December 31, 2018 Cash flows from operating activities: Cash payments: Total cash payments Net cash provided by (used for) operating activities