Stylistic 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: Cash Assets Accounts receivable Inventory Total current assets Property, plant, and equipment: Stylistic Motors, Inc. Balance Sheet December 31, 2021 Liabilities Current liabilities: 316400 Accounts payable 130000 Salary payable 144,000 Total current liabilities 590400 134400 8000 142400 On January 1, 2021, Stylistic issued its common stock for $575,000. Early in January, Stylistic made the following cash payments: a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 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 $134,400 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold ten autos for a total of $650,000. Before year-end, it had collected 70% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Stylistic owes $9,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2021, Stylistic declared and paid cash dividends of $19,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. - X Equipment Less: Accumulated depreciation Total assets Stockholders' equity Requirements Common stock 575,000 $ 200,000 33000 Retained earnings (40,000) 160,000 Total stockholders' equity 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. 750400 Total liabilities and stockholders' equity 750400 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. Help me solve this Etext pages Calculator Print Done