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 Sweet Motors, Inc. Income Statement Year Ended December 31, 2018 Requirements Revenue Sales revenue Expenses Cost of goods sold Salary expense Rent expense Depreciation expense 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 2. Prepare Sweet's balance sheet at December 31, 2018 Prepare Sweet's statement of cash flows for the year ended December 31 2018 Format cash flows from operating activities using the indirect method Income tax expense Done Net income (loss) Requirement 2. Prepare Sweet's balance sheet at December 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question d on January 1, 2018. The following transactions occurred during 2018 transactions.) A More Info et's incom ted tog weet Moto come Stat led Decem On January 1, 2018, Sweet issued its common stock for $280,000. Early in January Sweet made the following cash payments: a. $120,000 for equipment b. $136,000 for inventory (four cars at $34.000 each) c. $23,000 for 2018 rent on a store building In February, Sweet purchased nine cars for inventory on account. The cost of this inventory was $414,000 (546,000 per car). Before year-end, the company paid off $248,400 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory During 2018 Sweet sold seven autos for a total of $490,000. Before year-end, it had collected 90% of this amount. The business employs four people. The combined annual payroll is $100,000, of which Sweet owes 52,000 at year-end. At the end of the year, the company paid income taxes of $15,000 Late in 2018, Sweet declared and paid cash dividends of $16,000. For equipment, Sweet uses the straight-line depreciation method, over five years, with zero residual value. 31, 20 all expe ember 3 ject meth Done eet's balang T any number in the input fields and then continue to the next