Use the Classic Reserve Rare Coins data from Problem 14-24A. Requirements 1. Prepare Classic Reserve Rare Coins

Question:

Use the Classic Reserve Rare Coins data from Problem 14-24A.

Requirements

1. Prepare Classic Reserve Rare Coins’ income statement for the year ended December 31, 2012. Use the single-step format, with all revenues listed together and all expenses listed together.

2. Prepare Classic Reserve’s balance sheet at December 31, 2012.

3. Prepare Classic Reserve’s statement of cash flows for the year ended December 31, 2012. Format cash flows from operating activities by the direct method.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...