Transactions - X Yu es . a. $200,000 for equipment b. $324,000 for inventory (nine cars at $36,000 each) c. $24,000 for 2020 rent on a store building In February 2020, Dazzling purchased four cars for inventory on account Cost of this inventory was $192,000 ($48,000 each). Before year-end, Dazzling paid $134,400 of this debt. Dazzling uses the FIFO method to account for inventory. During 2020, Dazzling sold ten dazzling autos for a total of $650,000. Before year-end, Dazzling collected 90% of this amount. The business employs six people. The combined annual payroll is $150,000, of which Dazzling owes $9,000 at year-end. At the end of the year, Dazzling paid income tax of $13,000. Late in 2020, Dazzling declared and paid cash dividends of $19,000. For equipment, Dazzling uses the straight-line depreciation method over five years with zero residual value. Print Done Question Help Papring Automobiles of Yukon Lid was formed on January 1, 2020 when Dazzling issued common shares for $575.000 Early in January 2020, Dazzing made the following cash payments (Click the icon to view the transactions.) Requirements Requirement 1. Prepare Dazzling Automobiles of Yukon Lid's income statement for the year ended December 31, 2020 Use the single step format with a venues listed other and Isted together (Round your answers to the nearest whole dollar Dazzling Automobiles of Yukon, Ltd. Income Statoment For the Year Ended December 31, 2020 0,50.000 Revenue Sales revenue Expenses Cost of goods sold Salary expense 150 000 P9-22A (similar to) Dazzling Automobiles of Yukon Ltd. was formed on January 1, 2020, when Dazzling issued common shares for $575,000 (Click the icon to view the transactions.) Requirements For the Year Ended December 31, 2020 Revenue Sales revenue 6,50,000 Expenses Cost of goods sold Salary expense 150,000 Depreciation expense Rent expense 13,000 Income tax expense 24,000 Net income Choose from any list or enter any number in the input fields and then click Check Answer. 6 parts remaining Clear All DI Requirements Requirement 2. Prepare Dazzling's balance sheet at December 31, 2020 (Round your answers to the nearest whole dollar) Dazzling Automobiles of Yukon, Ltd. Balance Sheet December 31, 2020 Assets Liabilities Current assets Current liabilities D Choose from any list or enter any number in the input fields and then click Check Answer. Requirement 3. Prepare Dazzling's statement of cash flows for the year ended December 31, 2020 Format cash flows from operating activities by using the in minus sign for numbers to be subtracted and for a net decrease in cash. Enter "O" for zero balances. Round your answers to the nearest whole della Dazzling Automobiles of Yukon, Ltd. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by (used for) operating activities
