Question

ore: 0.62 of 1 pt PC-32A (book/static) American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow 1 of 1(1 complete) HW Score: 61.99 Questi (Click the lcon to view the data ) Read the requirements More Info American Rare Coins Statement of Cash Flows Year Ended December 31, 2018 a. On January 1, 2018, ARC issued no par common stock for $450,000. b Early in January, ARC made the following cash payments Cash Flows from Operating Activities 1 For store fixtures, $53,000 2. For merchandise inventory, $340,000 Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities 266400 For rent expense on a store building. $20,000 Before year-end, ARC paid $139,000 of this accounts payable. year-end, the company oolected 85% of this amour, Cost of goods sold for year, ARC purchased merchandise inventory on account for $239,000 d. During 2018, ARC sold 2.400 units of merchandise inventory for $275 each.Before Deprecialtion Expense Increase in Accounts Receivable increase in Merchandise Inventory 10600 year (9000) was $250,000, and ending merchandise inventory totaled $329,000 stil owes $3,000 at year-end payable (329000 e. The store emplays three people. The combined annual payroll is $96,000, of which ARC f. At the end of the year, ARC paid income tax of $17,000. There are no income taxes g Late in 2018, ARC paid cash dividends of $44,000 h. For store fatures, ARC uses the straight-ine depreciation method, over five years, with Increase in Accounts Payable 100000 Increase in Salaries Payable 3000 zero residual value Net Cash Provided by (Used for) Operating Activities Print Done Choose from any list or enter any number in the input fields and then click Check Answer

Answer 1

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(2):