Prepare DRC DRC ‘s income statement for the year ended December31, 2018 2018 . Use thesingle-step format, with all revenues listed together and all…

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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

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