Question: help please due in 39 min(clear pics and really fast problem) More info On January 1, 2021, Sweet issued its common stock for $510,000. Early





More info On January 1, 2021, Sweet issued its common stock for $510,000. Early in January, Sweet 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, Sweet purchased three cars for inventory on account. Cost of this inventory was $117,000($39,000 each). Before year-end, the company paid off $58,500 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021, Sweet sold eleven autos for a total of $649,000. Before year-end, it had collected 90% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Sweet owes $3,000 at year-end. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Sweet declared and paid cash dividends of $10,000. For equipment, Sweet uses the straight-line depreciation method, over five years, with zero residual value. Tetir asch rerululencit) Swet Motsen, the Tewi fndel Oecenber 31, 2021 Cash flems trom operstens ecrivites: Cach pertherter: Teridl tait jeproses Ress the 1ogutiemets Gisianch rema bilwencet Sweet Motors, Inc. Matemem ot Cash Flows (Dited Meticat Yes tndes 0ecember 31, 7021 Colkcien from customers Degreciation Fee income tax ifecesue ta accomits receivatile inciease in inymitoiy ifecesiti in shicy phratio isvaske of conmunen thack Vapions ar avisend Porthate of nqugmant to ensioneis Tovistiens Cash flows from operating activities: Cash payments: Collections from customers Depreciation For income tax Increase in accounts flyyable Increase in accounts receivable Increase in inventory increase in salary payable Issuance of common stock Payment of dividend Purctase of equipment To employees To supplliors yoar ended December 31, 202t: Fermat cash flows from operating activities cishig the divecf methad (Uso parentiese: (1) (Click the icon to view the transactions) Read the tooulruments. Th fows from opecating activities using the drecl nivthod. Qued parenthe
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