Speedy Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the requirements Speedy Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Sales revenue $649,000 Expenses Cost of goods sold 321,000 Salary expense 151,000 Depreciation expense 44,000 Rent expense 25,000 22,000 Income tax expense 86,000 Net income (loss) Requirement 2. Prepare Speedy's balance sheet at December 31, 2021. Speedy Motors, Inc. More info On January 1, 2021, Speedy issued its common stock for $510,000. Early in January, Speedy made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) e. $25,000 for 2021 rent on a store building In February, Speedy purchased three cars for inventory on account. The cost of this inventory was $117,000 ($39,000 per car). Before year-end, the company paid off $93,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2021, Speedy sold eleven autos for a total of $649,000. Before year-end, it had collected 50% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Speedy owes $12,000 at year-end. At the end of the year, the company paid income taxes of $22,000 Late in 2021, 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, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the requirements. Current assets: December 31, 2021 Assets Property, plant, and equipment: Less: Liabilities Current liabilities Stockholders' equity Requirements 1. Prepare Speedy's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Speedy's balance sheet at December 31, 2021. 3. Prepare Speedy's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. Print Done - X