JJIGOTT core: 0.02 of 1 pt 1 of 1 (1 complete) HW Score: 1.59%, 0.02 of Question Help PC-32A (similar to) Official R 6 More Info i (Click Read the The purpo to show Requirem format, w a. On January 1, 2018, ORRC issued no par common stock for $425,000. b. Early in January, ORRC made the following cash payments: 1. For store fixtures, $55,000 2. For merchandise inventory, $300,000 3. For rent expense on a store building, $16,000 c. Later in the year, ORRC purchased merchandise inventory on account for $237,000. Before year-end, ORRC paid $147,000 of this accounts payable. d. During 2018, ORRC sold 2,900 units of merchandise inventory for $200 each. Before year-end, the company collected 80% of this amount. Cost of goods sold for the year was $300,000, and ending merchandise inventory totaled $237,000. e. The store employs three people. The combined annual payroll is $97,000, of which ORRC still owes $4,000 at year-end. f. At the end of the year, ORRC paid income tax of $18.000. There are no income taxes payable. Q. Late in 2018, ORRC paid cash dividends of $42.000. h. For store fixtures, ORRC uses the straight-line depreciation method, over five years. with zero residual value. Revenue Expense Choose fri Print Done 5 parts 5 remaining ? WP esc s Quest --32A (similar to) eserve Rare Coins (ORRC) was formed on January 1, 2018. Additional data for the year follow k the icon to view the data.) e requirements. emen Requirements rpose w whe remen , with a What is the purpose of the statement of cash flows? Prepare ORRC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. Prepare ORRC's balance sheet at December 31, 2018. Prepare ORRC's statement of cash flows using the indirect method for the year ended December 31, 2018. 3. enue: Print Done Denses: ose from any list or enter any number in the input fields and then click Check Answer 1 (Click the icon to view the data.) Read the requirements Official Reserve Rare Coins Income Statement Year Ended December 31, 2018 Revenue: Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Rent Expense Retained Earnings Choos Salaries and Wages Expense Sales Revenue r in the input fields and then click Check Answer. 5 parts Clear All Check Answer remaining