Frontier Rare Coins (FRC) was formed on January 1, 2024. Additional data for the year follow:i (Click the icon to view the data.)Read the requirements.Requirement 1. What is the purpose of the statement of cash flows?The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period.Requirement 2. Prepare FRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together.Frontier Rare CoinsIncome StatementYear Ended December 31, 2024Revenue:Expenses:Total ExpensesNet IncomeMore info(...)a. On January 1, 2024, FRC issued no par common stock for $550,000.b. Early in January, FRC made the following cash payments:1.For store fixtures, $54,0002.3.For merchandise inventory, $240,000For rent expense on a store building, $15,000c.Later in the year, FRC purchased merchandise inventory on account for $242,000.Before year-end, FRC paid $152,000 of this accounts payable.d. During 2024, FRC sold 2,700 units of merchandise inventory for $225 each. Beforeyear-end, the company collected 95% of this amount. Cost of goods sold for theyear was $340,000, and ending merchandise inventory totaled $142,000.e. The store employs three people. The combined annual payroll is $94,000, of whichFRC still owes $6,000 at year-end.f. At the end of the year, FRC paid income tax of $24,000. There are no income taxespayable.g. Late in 2024, FRC paid cash dividends of $37,000.h. For store fixtures, FRC uses the straight-line depreciation method, over five years,with zero residual value.PrintDoneRequirements1.2.3.4.What is the purpose of the statement of cash flows?Prepare FRC's income statement for the year ended December 31, 2024.Use the single-step format, with all revenues listed together and allexpenses listed together.Prepare FRC's balance sheet at December 31, 2024.Prepare FRC's statement of cash flows using the indirect method for theyear ended December 31, 2024.PrintDone-X

There are three statements of the organization which show different accounting financials. 1. Income…

Frontier Rare Coins (FRC) was formed on January 1, 2024. Additional data for the year follow: i (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare FRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together. Frontier Rare Coins Income Statement Year Ended December 31, 2024 Revenue: Expenses: Total Expenses Net Income More info C a. On January 1, 2024, FRC issued no par common stock for $550,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $54,000 2. For merchandise inventory, $240,000 3. For rent expense on a store building. $15,000 Later in the year, FRC purchased merchandise inventory on account for $242,000. Before year-end, FRC paid $152.000 of this accounts payable. c. d. During 2024, FRC sold 2,700 units of merchandise inventory for $225 each. Before year-end, the company collected 95% of this amount. Cost of goods sold for the year was $340,000, and ending merchandise inventory totaled $142,000. e. The store employs three people. The combined annual payroll is $94,000, of which FRC still owes $6,000 at year-end. f. At the end of the year, FRC paid income tax of $24,000. There are no income taxes payable. g. Late in 2024, FRC paid cash dividends of $37,000. h. For store fixtures, FRC uses the straight-line depreciation method, over five years, with zero residual value. Print Done Requirements 1. What is the purpose of the statement of cash flows? 2. Prepare FRC's income statement for the year ended December 31, 2024 Use the single-step format, with all revenues listed together and all expenses listed together. Prepare FRC's balance sheet at December 31, 2024. 3. 4. Prepare FRC's statement of cash flows using the indirect method for the year ended December 31, 2024. Print Done - X