Requirement $1.$ Prepare

ClassicClassic$\text{'}$s

income statement for the year ended December$31,$

$20242024.$

Use the$$ single$-$step format, with all revenues listed together and all expenses together.

Classic Motors, Inc.

Income Statement

Year Ended December $31,2024$

Revenue:

$$

Sales revenue

Revenue label input

$$488,000$

Revenue number input

Expenses:

$$

Cost of goods sold

Expenses first row label input

$243,000$

Expenses first row number input

Rent expense

Expenses second row label input

$17,000$

Expenses second row number input

Depreciation expense

Expenses third row label input

$36,000$

Expenses third row number input

Income tax expense

Expenses fourth row label input

$12,600$

Expenses fourth row number input

Salary expense

Expenses fifth row label input

$125,000$

Expenses fifth row number input

Net income $($loss$)$

$$54,400$

Part $2$

Requirement $2.$ Prepare

ClassicClassic$\text{'}$s

balance sheet at December$31,$

$20242024.$

Classic Motors, Inc.

Balance Sheet

December $31,2024$

Assets

Liabilities

Current assets:

Current liabilities:

Cash

Current asset first row label input

$$234,800$

Current asset first row number input

Accounts payable

Current liabilities first row label input

$$32,000$

Current liabilities first row number input

Accounts receivable

Current asset second row label input

$97,600$

Current asset second row number input

Salary payable

Current liabilities second row label input

$3,000$

Current liabilities second row number input

Inventory

Current asset third row label input

$40,000$

Current asset third row number input

Total current liabilities

$35,000$

Total current liabilities number input

Total current assets

$372,400$

Total current assets number input

$$

$$

$$

Stockholders' equity

Property, plant, and equipment:

$$

Common stock

Stockholders' equity first row label input

$440,000$

Stockholders' equity first row number input

Equipment

Property, plant, and equipment first row label input

$$180,000$

Property, plant, and equipment first row number input

$$

Retained earnings

Stockholders' equity second row label input

$41,400$

Stockholders' equity second row number input

Less: Accumulated depreciation

Property, plant, and equipment second row label input

$(36,000)$

Property, plant, and equipment second row number input

$144,000$

Property, plant, and equipment subtotal number input

Total stockholders' equity

$481,400$

Total stockholders' equity number input

Total assets

$$516,400$

Total assets number input

Total liabilities and stockholders' equity

$$516,400$

Total liabilities and stockholders' equity number input

Part $3$

Requirement $3.$ Prepare

ClassicClassic$\text{'}$s

statement of cash flows for the year ended December$31,$

$20242024.$

Format cash flows from operating activities using the indirect method.

You will check your answer after each section of the statement before moving on to the next section. Start with the cash flows from operating activities section of the statement. Next you will complete the cash flows from investing$$ activities, then the cash flows from financing activities. Finally you will calculate the net change in cash during the period along with the beginning and ending cash balances. $($Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Complete all input fields. Enter a $0$ for zero$$ balances.$)$

Classic Motors, Inc.

Statement of Cash Flows $($Indirect Method$)$

Year Ended December $31,2024$

Cash flows from operating activities:

$$

Cash flows from operating activities first row label input

$$

Cash flows from operating activities first row number input

Adjustments to reconcile net income to net cash provided by $($used for$)$ operating activities:

$$

Adjustments to reconcile net income to net cash from operating activities, first row label input

$$

Adjustments to reconcile net income to net cash from operating activities, first row number input

$$

Adjustments to reconcile net income to net cash from operating activities, second row label input

$$

Adjustments to reconcile net income to net cash from operating activities, second row number input

$$

Adjustments to reconcile net income to net cash from operating activities, third row label input

$$

Adjustments to reconcile net income to net cash from operating activities, third row number input

$$

Adjustments to reconcile net income to net cash from operating activities, fourth row label input

$$

Adjustments to reconcile net income to net cash from operating activities, fourth row number input

$$

Adjustments to reconcile net income to net cash from operating activities, fifth row label input

$$

Adjustments to reconcile net income to net cash from operating activities, fifth row number input

$$

Adjustments to reconcile net income to net cash from operating activities, subtotal number input

Net cash provided by $($used for$)$ operating activities