- American Reserve Rare Coins Arrc Was Formed On January 1 2024 Additional Data For The Year Follow Click The Icon T 1 (34.92 KiB) Viewed 28 times
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More info a. On January 1, 2024, ARRC issued no par common stock for $500,000. b. Early in January, ARRC made the following cash payments: 1. For store fixtures, $52,000 2. For merchandise inventory, $240,000 3. For rent expense on a store building, $12,000 c. Later in the year, ARRC purchased merchandise inventory on account for $242,000. Before year-end, ARRC paid $142,000 of this accounts payable. d. During 2024, ARRC sold 3,100 units of merchandise inventory for $375 each. Before year-end, the company collected 95% of this amount. Cost of goods sold for the year was $270,000, and ending merchandise inventory totaled $212,000. e. The store employs three people. The combined annual payroll is $97,000, of which ARRC still owes $5,000 at year-end. f. At the end of the year, ARRC paid income tax of $18,000. There are no income taxes payable. g. Late in 2024, ARRC paid cash dividends of $34,000. h. For store fixtures, ARRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done
Requirements 1. 2. 3. 4. What is the purpose of the statement of cash flows? Prepare ARRC'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 ARRC's balance sheet at December 31, 2024. Prepare ARRC's statement of cash flows using the indirect method for the year ended December 31, 2024. -
American Reserve Rare Coins (ARRC) was formed on January 1, 2024. Additional data for the year follow: (Click the icon to view the data.) Read the requirementB Requirement 3. Prepare ARRC's balance sheet at December 31, 2024. Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets American Reserve Rare Coins Balance Sheet December 31, 2024 Liabilities Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities Stockholders' Equity 5,000