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Prepare DRC DRC 's income statement for the year ended December31, 2018 2018 . Use thesingle-step format, with all revenues listed together and all...
1.
DRC
2018
2.
DRC
2018
3.
DRC
2018direct
a.
January
2018
DRC
$450,000
b.
January
DRC
1.
$46,000
2.
$310,000
3.
$18,000
c.
DRC
$238,000
DRC
$138,000
d.
2018
DRC
2,700
$400
85
$340,000
$208,000
e.
$97,000
DRC
$6,000
f.
DRC
$18,000
g.
2018
DRC
$35,000
h.
DRC
DRC
January
2018
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Requirement 1.
DRC
2018
Diversion Rare Coins
Income Statement
Year Ended December 31, 2018
Revenue:
Sales Revenue
1080000
Expenses:
Cost of Goods Sold
340000
Salaries and Wages Expense
97000
Depreciation Expense
10800
Rent Expense
18000
Income Tax Expense
18000
Total Expenses
(483000)
Net Income
597000
Requirement 2.
DRC
2018
Diversion Rare Coins
Balance Sheet
December 31, 2018
Assets
Liabilities
Current Assets:
Current Liabilities:
Cash
Accounts Payable
Accounts Receivable
Salaries Payable
Merchandise Inventory
Total Current Liabilities
Total Current Assets
Stockholders' Equity
Property, Plant, and Equipment
Accounts Payable
Store Fixtures
46000
Salaries Payable
Less: Accumulated Depreciation
Total Stockholders' Equity
Total Assets
Total Liabilities and Stockholders' Equity
Requirement 3.
DRC
2018direct
Diversion Rare Coins
Statement of Cash Flows
Year Ended December 31, 2018
Cash Flows from Operating Activities:
Receipts:
Total Cash Receipts
Payments:
To Suppliers
To Employees
Total Cash Payments
Net Cash Provided by (Used for) Operating Activities
Cash Flows from Investing Activities:
Cash Payment for Acquisition of Store Fixtures
Net Cash Provided by (Used for) Investing Activities
Cash Flows from Financing Activities:
Cash Receipt from Issuance of Common Stock
Cash Payment of Dividends
35000
Net Cash Provided by (Used for) Financing Activities
Net Increase (Decrease) in Cash
Cash Balance, December 31, 2017
Cash Balance, December 31, 2018
