Sweet Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Sweet's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. More Info - Sweet Motors, Inc. Income Statement Year Ended December 31, 2018 X Revenue: Expenses: On January 1, 2018, Sweet issued its common stock for $575,000. Early in January, Sweet 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 2018 rent on a store building In February, Sweet 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 $76,800 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Sweet 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 Sweet owes $2,000 at year-end. At the end of the year, the company paid income taxes of $13,000. Late in 2018, Sweet declared and paid cash dividends of $19,000. For equipment, Sweet uses the straight-line depreciation method, over five years, with zero residual value. Requirement 2. Prepare Sweet's balance sheet at December 31, 2018 Sweet Motors, Inc. Balance Sheet December 31, 2018 Liab Current liabilities: Print Done Assets Current assets: Requirement 1. Prepare Sweet's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. Sweet Motors, Inc. Income Statement Year Ended December 31, 2018 Revenue: Expenses: Requirement 2. Prepare Sweet's balance sheet at December 31, 2018 Sweet Motors, Inc. Balance Sheet December 31, 2018 Liabilities Current liabilities: Assets Current assets: Stockholders' equity Property, plant, and equipment: Less: 2011. Format shows from operating s ites using the indirect method (Une parentheses forums to be subtracted and for a ne dersin cash. Enter for zero balances) Requirement. Prepare Sweets statement of cash fows for the year ended December Sweet Motors, Ine Statement of Cash Flows indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by used for operating activities Net cash provided by used for) operating activities Cash flows from investing activities: Netcash provided by used for investing activities Cash flows from financing activities: Net cash provided by used for financing activities Not Increase decrease in cash