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Styilstic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. On January 1,2021 . Stylistic issued its common stock for $510,000. Early in January; Stylistic made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Stylistic purchased three cars for inventory on account. The cost of this inventory was $117,000 ( $39,000 per car). Belore year-end, the company paid off $35,100 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021. Stylistic sold eleven autos for a total of $649,000. Before year-end, it had collected 50% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Stylistic owes $9,000 at yearend. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Stylistic declared and paid cash dividends of $16,000. For equipment, Stylistic uses the straight-ine depreciation mothod, over five years, with zero residual value. Requirements 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Stylistic's balance sheet at December 31, 2021. 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. Stylistic Motors, Inc. was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Cick the icon to view the transactions.) Read the requirements. Requirement 2. Prepare Styletic's balance sheet at December 31, 2021. Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions cocurred during 2021: 1. (Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare Stylistic's balance sheet at December 31, 2021. Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activites using the indirect methad. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "Or" for zero balances.) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requitements. Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "0" for zero balances.) 1 transactions occurred during 2021: ithod) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions.) Read the requirements. Styilstic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. On January 1,2021 . Stylistic issued its common stock for $510,000. Early in January; Stylistic made the following cash payments: a. $220,000 for equipment b. $243,000 for inventory (nine cars at $27,000 each) c. $25,000 for 2021 rent on a store building In February, Stylistic purchased three cars for inventory on account. The cost of this inventory was $117,000 ( $39,000 per car). Belore year-end, the company paid off $35,100 of this debt. The company uses the first-in, first-out (FIFO) method to account for its inventory. During 2021. Stylistic sold eleven autos for a total of $649,000. Before year-end, it had collected 50% of this amount. The business employs two people. The combined annual payroll is $151,000, of which Stylistic owes $9,000 at yearend. At the end of the year, the company paid income taxes of $22,000. Late in 2021, Stylistic declared and paid cash dividends of $16,000. For equipment, Stylistic uses the straight-ine depreciation mothod, over five years, with zero residual value. Requirements 1. Prepare Stylistic's income statement for the year ended December 31, 2021. Use the single-step format, with all revenues listed together and all expenses together. 2. Prepare Stylistic's balance sheet at December 31, 2021. 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. Stylistic Motors, Inc. was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Cick the icon to view the transactions.) Read the requirements. Requirement 2. Prepare Styletic's balance sheet at December 31, 2021. Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions cocurred during 2021: 1. (Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare Stylistic's balance sheet at December 31, 2021. Stylistic Motors, Inc, was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requirements. Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activites using the indirect methad. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "Or" for zero balances.) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Read the requitements. Requirement 3. Prepare Stylistic's statement of cash flows for the year ended December 31, 2021. Format cash flows from operating activities using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter "0" for zero balances.) 1 transactions occurred during 2021: ithod) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (1) (Click the icon to view the transactions.) Stylistic Motors, Inc., was formed on January 1, 2021. The following transactions occurred during 2021: (i) (Click the icon to view the transactions.) Read the requirements

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