Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.] Read the recuirements. Requirement 1. Prepare Vintage's income statement for the year ended December 31, 2021, Use the single-step format, with all revenues listed together and all expenses together. Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021 : (i) (Click the icon to view the transactions.) Read the requirements. Requirement 2. Prepare Vintago's balance sheot at Decomber 31, 2021. Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (Click the icon to view the transactions:) Read the requirements. Requirement 2. Prepare Vintage's balance sheet at December 31, 2021. Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Cick the icon to view the transactions.) Read the reguirements Stockholders' equity Property, plant, and equipment: Less: Pequirement 3. Prepare Vintageb statement of cash flows for the yoar ended December 31, 2021. Format cash flows from operating activities using the direct method (Une parentheses of a minus inge for numberi to be subtractod and for a net decroase in cash. Enter "o" for zero balances.) Vintage Motors, Ine. Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 3. Prepare Vintage's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activitles using the direct method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "0- for zero balances.) Vintage Motors, Ine, was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the reguiremonts. Vintage Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the tosuirements. More info On January 1, 2021, Vintage issued its common stock for $510,000. Early in January, Vintage 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, Vintage purchased three cars for inventory on account. Cost of this inventory was $117,000($39,000 each). Before year-end, the company paid off $93,600 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Vintage sold eleven autos for a total of $649,000. Before year-end, it had collected 40% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Vintage owes $6,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Vintage declared and paid cash dividends of $16,000. For equipment, Vintage uses the straight-line depreciation method, over five years, with zero residual value. Requirements 1. Prepare Vintage'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 Vintage's balance sheet at December 31,2021. 3. Prepare Vintage's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the direct method
