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please take a look at it you'll see a requirment screenshoot. Moreover I took snap shot of individual qustions to be answered.

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Speedy Motors, Inc, was formed on January 1, 2021. The following transactons occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Speedy's income statement for the year ended December 31, 2021. Use the single-step format, with alf revenues listed together and all expenses together. On January 1, 2021, Speedy issued its common stock for $510,000. Early in January, Speedy 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, Speedy purhased three cars for inyentory on account. The cost of this inventory was $117,000($39,000 per car). Before year-end, the company paid off $70,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Speedy sold eleven autos for a total of $649,000. Before year-end, it had collected 50% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Speedy owes $3,000 at year-end. At the end of the year, the company paid income taxes of $22,000. b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Speedy purchased three cars for inventory on account. The cost of this inventory was $117,000 ( $39,000 per car). Before year-end, the company paid off $70,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Speedy sold eleven autos for a total of $649,000. Before year-end, it had collected 50% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Speedy owes $3,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Speedy declared and paid cash dividends of $19,000. For equipment, Speedy uses the straight-line depreciation method, over five years, with zero residual value. Requirements 1. Prepare Speedy'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 Speedy's balance sheet at December 31, 2021. 3. Prepare Speedy's statement of cash flows for the year ended December 31 , 2021. Format cash flows from operating activities using the indirect method. Speedy Motors, Inc. Income Statement Year Ended December 31, 2021 Revenue: Expenses: Expenses: Requirement 2. Prepare Speedy's balance sheet at December 31, 2021. Li1 31,U1 Assets Liabilities Current assets: Stockholders' equity Property, plant, and equipment: Less: Requirement 3. Prepare Speody's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect mothod. (Uso parenthesos or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "0" for zero balances.) 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: Net cash.provided by (used for) investing activities Cash flows from financing activities: Net cash provided by (used for) financing activities Not increase (decrease) in cash