Stylistic Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click...

          

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Stylistic Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. On January 1, 2018, Stylistic issued its common stock for $280,000. Early in January, Stylistic made the following cash payments: a. $120,000 for equipment b. $136,000 for inventory (four cars at $34,000 each) c. $23,000 for 2018 rent on a store building In February, Stylists purchased nine cars for inventory on account. The cost of this inventory was $414,000 ($46,000 per car). Before year-end, the company paid off $124,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Stylistic sold seven autos for a total of $490,000. Before year-end, it had collected 80% of this amount. The business employs four people. The combined annual payroll is $100,000, of which Stylistic owes $2,000 at year-end. At the end of the year, the company paid income taxes of $15,000. Late in 2018, Stylistic declared and paid cash dividends of $19,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. Print Done Requirements 1. Prepare Stylistic's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Stylistic's balance sheet at December 31, 2018. 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. 240001 Print Done X Revenue Stylistic Motors, Inc. Income Statement Year Ended December 31, 2018 Sales revenue Expenses: Cost of goods sold Rent expense Salary expense Depreciation expense Income tax expense Net income (loss) 490,000 182000 23000 102000 24000 15000 144000 Choose from any list or enter any number in the input fields and then continue to the next question. Current assets Cash Assets Accounts receivable Inventory Total current assets Property, plant, and equipment. Equipment Stylistic Motors, Inc. Balance Sheet December 31, 2018 49000 Liabilities Current liabilities. Accounts payable Salary payable Total current liabilities Stockholders equity Common stock. Retained earnings Property, plant, and equipment: Equipment Less: Accumulated depreciation Stockholders' equity Common stock Retained earnings Total stockholders' equity Total assets Total liabilities and stockholders' equity Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activ subtracted and for a net decrease in cash. Enter "0" for zero balances.) Stylistic Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities. Net cash provided by (used for) operating activities Lead the requirements. 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 Net increase (decrease) in cash Choose from any list or enter any number in the input fields and then continue to the next question. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Depreciation Increase in accounts payable Increase in accounts receivable Increase in inventory Increase in salary payable Issuance of common stock Net income Che Payment of dividend Purchase of equipment Stylistic Motors, Inc., was formed on January 1, 2018. The following transactions occurred during 2018: (Click the icon to view the transactions.) Read the requirements. On January 1, 2018, Stylistic issued its common stock for $280,000. Early in January, Stylistic made the following cash payments: a. $120,000 for equipment b. $136,000 for inventory (four cars at $34,000 each) c. $23,000 for 2018 rent on a store building In February, Stylists purchased nine cars for inventory on account. The cost of this inventory was $414,000 ($46,000 per car). Before year-end, the company paid off $124,200 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2018, Stylistic sold seven autos for a total of $490,000. Before year-end, it had collected 80% of this amount. The business employs four people. The combined annual payroll is $100,000, of which Stylistic owes $2,000 at year-end. At the end of the year, the company paid income taxes of $15,000. Late in 2018, Stylistic declared and paid cash dividends of $19,000. For equipment, Stylistic uses the straight-line depreciation method, over five years, with zero residual value. Print Done Requirements 1. Prepare Stylistic's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Stylistic's balance sheet at December 31, 2018. 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities using the indirect method. 240001 Print Done X Revenue Stylistic Motors, Inc. Income Statement Year Ended December 31, 2018 Sales revenue Expenses: Cost of goods sold Rent expense Salary expense Depreciation expense Income tax expense Net income (loss) 490,000 182000 23000 102000 24000 15000 144000 Choose from any list or enter any number in the input fields and then continue to the next question. Current assets Cash Assets Accounts receivable Inventory Total current assets Property, plant, and equipment. Equipment Stylistic Motors, Inc. Balance Sheet December 31, 2018 49000 Liabilities Current liabilities. Accounts payable Salary payable Total current liabilities Stockholders equity Common stock. Retained earnings Property, plant, and equipment: Equipment Less: Accumulated depreciation Stockholders' equity Common stock Retained earnings Total stockholders' equity Total assets Total liabilities and stockholders' equity Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activ subtracted and for a net decrease in cash. Enter "0" for zero balances.) Stylistic Motors, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities. Net cash provided by (used for) operating activities Lead the requirements. 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 Net increase (decrease) in cash Choose from any list or enter any number in the input fields and then continue to the next question. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2018 Cash flows from operating activities: Depreciation Increase in accounts payable Increase in accounts receivable Increase in inventory Increase in salary payable Issuance of common stock Net income Che Payment of dividend Purchase of equipment

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Stylistic Motors Inc Income Statement Year Ended December 31 2018 Revenues Sales Revenue 490000 Expe... View the full answer