Styletic Molom, Inc. was formed on January 1, 2021. The following transactions occured during 20021 (Dick the icon to view the transactions Read the requirements Requirement 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and at expenses together Stylistic Motors, Inc. Income Statement Year Ended December 31, 20211 Revenue Sales revenue Exper Cost of goods sold Salary expense Depreciation expense Hant expense Income tax expense Net income poss) Requirements 504,000 1. Prepere Stylic'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 Styletic's balance sheet at December 31, 2021. 3. Prepare Stytatic's statement of cash flows for the year ended December 31, 2021. Fomat cash flows from operating activities using the indirect method More info On January 1, 2021, Stylistic issued its common stock for $430.000. Early in January Stylistic made the following cash payments a. $160,000 for equipment b. $234,000 for inventory (six cars at $39.000 each) e. $18,000 for 2021 nent on a store building In February, Stylistic purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year end, the company paid off $57.000 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2021, Stylistic sold seven autos for a total of $504.000. Before year-end, it hat collected 40% of this amount The business employs two people. The combined annual payroll is $50,000, of which Stylistic owes $12,000 at year-end. At the end of the year, the company paid income taxes of $22,000 Late in 2021, Stylistic declared and paid cash dividends of $10,000 For equipment, Stylistic uses the straight-ine depreciation method, over five years with zero residual value Print Done ock answer Part 1 of 6 Points: 0 of 1 Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Cleck the icon to view the transactions.) Read the requirements Requirement 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together Revenue Stylistic Motors, Inc. Income Statement Year Ended December 31, 2021 Sales revenue Expenses Cost of goods sol Salary expense Depreciation expense Rant expense Income tax expense Net income poss) $504,000 224 mt for the Requirements 1 1. Prepare Stylistic'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 Stylistic's balance sheet at December 31, 2021. 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. Print Done - enses More info - X income statement for t Motors, Inc. Statement ecember 31, 2021 On January 1, 2021, Stylistic issued its common stock for $430,000. Early in January, Stylistic made the following cash payments: a. $160,000 for equipment b. $234,000 for inventory (six cars at $39,000 each) c. $18,000 for 2021 rent on a store building In February, Stylistic purchased four cars for inventory on account. The cost of this inventory was $192,000 ($48,000 per car). Before year-end, the company paid off $57,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold seven autos for a total of $504,000. Before year-end, it had collected 40% of this amount. The business employs two people. The combined annual payroll is $60,000, of which Stylistic owes $12,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Stylistic declared and paid cash dividends of $10,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. ses together. Print Done