Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the reguirements. 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. More info On January 1, 2021, Stylistic issued its common stock for $510,000. Early in January, Stylistic made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Stylistic purchased three cars for inventory on account. Cost of this inventory was $117,000 ( $39,000 each). Before year-end, the company paid off $46,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold eleven autos for a total of $649,000. Before year-end, it had collected 80% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Stylistic owes $1,000 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 $16,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. 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. 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 direct method. Stylistic Motors, inc., was formed on January 1, 2021. The following transactions oceurred during 2021: 1. (Click the ioon to viow the transactions.) Read the reguirements. Requirement 2. Prepare Sblstic's balance sheot at December 31, 2021. Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the tequirements. Requirement 2. Prepare Stylitic's balance sheet at December 31, 2021. Styistic Motors, Inc., was formed on January 1, 2021. The following transactions occured during 2021: ( Click the icen to vicw the transactions.) Read the cocuifements. Requirement 3. Prepare Stylistic's atatement of cash flows for the year ended Docember 31, 2021. Format cash flows from operating activites using the drect method. (Uso parentheses or a minus sign for numbeis to be subtracted and for a feet decrease in cash, Entor "0" for toro balanoen) Stylistic Motors, Inc. Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1. (Cick the icon to view the transactions.) Read the requlrements- Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the direct method. (Use parentheses or a minus sign for numbers to be subtracted and for a not docresse in cash. Enter "0" for zero balanoes.) Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions) Read the reguirements Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the reguirements. 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. More info On January 1, 2021, Stylistic issued its common stock for $510,000. Early in January, Stylistic made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Stylistic purchased three cars for inventory on account. Cost of this inventory was $117,000 ( $39,000 each). Before year-end, the company paid off $46,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Stylistic sold eleven autos for a total of $649,000. Before year-end, it had collected 80% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Stylistic owes $1,000 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 $16,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. 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. 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 direct method. Stylistic Motors, inc., was formed on January 1, 2021. The following transactions oceurred during 2021: 1. (Click the ioon to viow the transactions.) Read the reguirements. Requirement 2. Prepare Sblstic's balance sheot at December 31, 2021. Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions.) Read the tequirements. Requirement 2. Prepare Stylitic's balance sheet at December 31, 2021. Styistic Motors, Inc., was formed on January 1, 2021. The following transactions occured during 2021: ( Click the icen to vicw the transactions.) Read the cocuifements. Requirement 3. Prepare Stylistic's atatement of cash flows for the year ended Docember 31, 2021. Format cash flows from operating activites using the drect method. (Uso parentheses or a minus sign for numbeis to be subtracted and for a feet decrease in cash, Entor "0" for toro balanoen) Stylistic Motors, Inc. Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1. (Cick the icon to view the transactions.) Read the requlrements- Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the direct method. (Use parentheses or a minus sign for numbers to be subtracted and for a not docresse in cash. Enter "0" for zero balanoes.) Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions) Read the reguirements