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. 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. Stylistic Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Sales revenue Expenses: Cost of goods sold Salary expense Depreciation expense I TINTI Rent expense Income tax expense Net income (loss) More info On January 1, 2021, Stylistic issued its common stock for $350,000. Early in January, Stylistic 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 2021 rent on a store building In February, Stylistic purchased six cars for inventory on account. The cost of this inventory was $282,000 ($47,000 per car). Before year-end, the company paid off $112,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold six autos for a total of $426,000. Before year-end, it had collected 50% of this amount. The business employs three people. The combined annual payroll is $90,000, of which Stylistic owes $3,000 at year-end. At the end of the year, the company paid income taxes of $14,000. Late in 2021, Stylistic declared and paid cash dividends of $15,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. Print Done Requirements 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. Prepare Stylistic's balance sheet at December 31, 2021. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. 2. 3. Print Done Antique Motors, Inc. Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Stockholders' equity Property, plant, and equipment: Less: Accounts payable Accounts receivable Accumulated depreciation Cash Common stock Equipment Inventory E Retained earnings Salary payable Antique Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2021 Cash flows from operating activities: Net income $ 3 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in salary payable Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Depreciation Increase in accounts payable Increase in accounts receivable Increase in inventory Increase in salary payable Issuance of common stock Net income Payment of dividend Purchase of equipment Cash flows from financing activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash