Hello tutor, I need assistance with these two questions please. Thank you

.. | ACTG 1B Fall 2021 Andrean leoe 8 Question 5. P16-32A (ho... > HW Score: 0%, 0 of 20 points Part 1 cl 7 0 Points: 0 of 4 Homework: Chapter Sixteen Homework American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: 0 (Click the icon to view the data.) Read the gouirements. Requirement 1. What is the purpose of the statement of cash ows? The purpose of the statement of cash ows is V Requirements More info 1. What is the purpose of the statement of cash ows? 2. Prepare ARC'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. 3. Prepare ARC's balance sheet at December 31, 201B. 4. Prepare ARC's statement of cash flows using the indirect method for the year ended December 31, 2018. . On January 1. 2018. ARC issued no par common stock for $450,000. b. Early in January, ARC made the following cash payments: 1. For store xtures, $53,000 2. For merchandise inventory, $340,000 3. For rent expense on a store building, $20,000 c. Later in the year, ARC purchased merchandise inventory on account for $239,000. Before year-end. ARC paid $139,000 of this accounts payable. d. During 2018, ARC sold 2,400 units of merchandise inventory for $275 each. Before year-end, the company collected 05% of this amount. Cost of goods sold for the year was $250,000, and ending merchandise inventory totaled $329,000. e. The store employs three people. The combined annual payroll is $96,000. of which ARC still owes $3,000 at year-end. f. At the end ofthe year, ARC paid income tax of $17,000. There are no income taxes payable. 9. Late in 2018, ARC paid cash dividends of $44,000. h . For store lixtures, ARC uses the straight-line depreciation method, over live years, with zero residual value. , Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018: (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Morganson, Inc. Statement of Cash Flows Year Ended December 31, 2018 Data table Cash Flows from Operating Activities: Data table Net Income Transaction Data for 2018: Adjustments to Reconcile Net Income to Net Cash Issuance of common stock for cash $ 38,000 Payment of notes payable $ 46,100 Provided by (Used for) Operating Activities: 2018 2017 Current Assets: Depreciation expense 24,000 Payment of cash dividends 50,000 Cash $ 99,400 $ 62,000 25,000 Purchase of equipment with cash 74,000 Issuance of notes payable to borrow cash 64,100 69,700 Acquisition of land by issuing long-term notes payable 119,000 Gain on sale of building 4,500 Accounts Receivable Merchandise Inventory 83,000 75,000 Book value of building sold 54,000 Net income 68,500 Current Liabilities Accounts Payable 57,600 55,200 Income Tax Payable 14,800 16,800 Print Done Net Cash Provided by (Used for) Operating Activities Print Done