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Rawa jakkou & Homework: Week One: Chapter 16 Homework Problems Score: 0.06 of 4 pts 2 of 4 (2 complete HW Score: 20 * PF16-32A (similar to) Official Reserve Rare Coins (ORRC) was formed on January 1, 2024. Additional data for the year follow (Click the icon to view the data) Requirements Read the requirements 1. 2. What is the purpose of the statement of cash flows? Prepare ORRC's income statement for the year ended December 31, 2024 Use the single-step format, with all revenues listed together and all expenses listed together Prepare ORRC's balance sheet at December 31, 2024 Prepare ORRC's statement of cash flows using the indirect method for the year ended December 31, 2024 Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare ORRC's income statement for the year ended December 31, 2024. Use the single step format Official Reserve Rare Coins Income Statement Year Ended December 31, 2024 1 Print Done Revenue Sales Revenue 780000 280000 88000 16000 Expenses: Cost of Goods Sold Salaries and Wages Expense Income Tax Expense Depreciation Expense Rent Expense Total Expenses a. On January 1, 2024, ORRC issued no par common stock for $475,000 b. Early in January, ORRC made the following cash payments 1. For store foctures, $50,000 2 For merchandise inventory. $330.000 3 Forront expense on a store building. $14.000 c. Later in the year. ORRC purchased merchandise inventory on account for $235,000. Before year-end, ORRC paid $155,000 of this accounts payable d. During 2024, ORRC sold 2.600 units of merchandise inventory for $300 each. Before year-end, the company collected 95% of this amount Cost of goods sold for the year was $280,000, and ending merchandise inventory totaled $285,000 e. The store employs three people. The combined annual payroll is $86,000, of which ORRC still owes $7.000 a year and f. Al the end of the year, ORRC paid income tax of $16,000. There are no income taxes payable 9. Latein 2024, ORRC paid cash dividends of $34.000 h. For store fixtures, ORRC uses the straight-line depreciation method, over five years, with zero residual value 14000 Choose from any list or enter any number in the input fields and then click Check Answer 5 parts remaining MacBook Pro DU ES