Home / Questions / North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the yea
North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the transactions.) Read the requirements North American Reserve Rare Coins i More Info Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: a. On January 1, 2018, NARRC issued no par common stock for $550.000 b. Early in January, NARRC made the following cash payments: Receipts: 1 For store fixtures, $45,000 For merchandise inventory, $240,000 2 For rent expense on a store building, S21.0000 c. Later $245,000. Before year-end, NARRC paid $165,000 of this accounts payable the year, NARRC purchased merchandise inventory on account for Total Cash Receipts ng 2018, NARRC sold 2,000 uns ly Tor $250 each for d Payments: the year was $240,000, and ending merchandise inventory totaled S245,000. The store employs three people. The combined annual payroll is $82,000, of which NARRC still owes $6,000 at year-end. f. At the end of the year, NARRC paid income tax of $23,000. There are no income xes payable NARRC paid cash dividends of $39,000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five years, with zero residual value Total Cash Payments 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. North American Reserve Rare Coins (NARRC) was formed on January 1, 2018. Additional data for the year follow: (Click the icon to view the transactions.) Read the requirements North American Reserve Rare Coins i More Info Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: a. On January 1, 2018, NARRC issued no par common stock for $550.000 b. Early in January, NARRC made the following cash payments: Receipts: 1 For store fixtures, $45,000 For merchandise inventory, $240,000 2 For rent expense on a store building, S21.0000 Cash Payment for Acquisition of Store Fixtures c. Later $245,000. Before year-end, NARRC paid $165,000 of this accounts payable the year, NARRC purchased merchandise inventory on account for Cash Payment of Dividends Cash Receipt from Issuance of Common Stock ng 2018, NARRC sold 2,000 uns ly Tor $250 each for d Collections from Customers the year was $240,000, and ending merchandise inventory totaled S245,000. The store employs three people. The combined annual payroll is $82,000, of which NARRC still owes $6,000 at year-end. Depreciation Expense For Incom counts Payable Accounts Becaivable Increase f. At the end of the year, NARRC paid income tax of $23,000. There are no income xes payable NARRC paid cash dividends of $39,000 h. For store fixtures, NARRC uses the straight-line depreciation method, over five To Employees To Suppliers years, with zero residual value Total Cash Payments 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.
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