Question

In: Accounting

1. Requirements: Prepare Fast?'s income statement for the year ended December? 31, 2016. Use the? single-step...

1.

Requirements:

Prepare Fast?'s income statement for the year ended December? 31, 2016. Use the? single-step format, with all revenues listed together and all expenses together.

2.

Prepare Fast?'s balance sheet at December? 31, 2016.

3.

Prepare Fast?'s statement of cash flows for the year ended December? 31, 2016. Format cash flows from operating activities by using the direct method.

On January? 1, 2016?, Fast issued its common stock for $ 575, 000. Early in? January, Fast made the following cash? payments:

a. $ 200,000 for equipment

b. $ 324,000 for inventory ?(9 cars at $ 36, 000 ?each)

c. $ 24, 000 for 2016 rent on a store building

In? February, Fast purchased four cars for inventory on account. Cost of this inventory was $ 192,000 ?($ 48,000 ?each). Before? year-end, Fast paid $ 115,200 of this debt. The company uses the? first-in, first-out? (FIFO) method to account for inventory. During 2016?, Fast sold 10 autos for a total of $ 650 ,000. Before? year-end, it had collected 50?% of this amount. The business employs six people. The combined annual payroll is $ 150,000?, of which Fast owes $ 6, 000 at? year-end. At the end of the? year, Fast paid income tax of $ 13,000. Late in 2016?, Fast declared and paid cash dividends of $ 29,000. For? equipment, Fast uses the? straight-line depreciation? method, over five? years, with zero residual value.

Expert Solution

ekkarill92 answered 1 year ago

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