* More Info tors elce le-step ted On January 1, 2016. Dazzling issued its common stock for $575 000 Early in January, Dazzling made the following cash payments a $200 000 for equipment b. $324,000 for inventory (nine cars at $36.000 each) c. $24,000 for 2016 rent on a store building In February, Dazzling purchased four cars for inventory on account Cost of this inventory was $192,000 (548.000 each). Before year-end, Dazzling paid $57.600 of this debt The company uses the first in first-out (FIFO) method to account for inventory During 2016 Dazzling sold 10 autos for a total of $650,000. Before year-end, it had collected 90% of this amount. The business employs six people. The combined annual payroll is $150.000, of which Dazzling owes 57.000 at year-end. At the end of the year, Dazzling paid income tax of $13.000. Late in 2016. Dazzling declared and paid cash dividends of $29.000 For equipment, Dazzling uses the straight-line depreciation method, over five years, with zero residual value enses man Print Done Requirements Prepare Dazzling Motors, Inc's, income statement for the year ended December 31, 2016. Use the single-step format with all revenues listed together and all expenses together Prepare Dazzling's balance sheet at December 31, 2016. Prepare Dazzling's statement of cash flows for the year ended December 31. 2016. Format cash flows from operating activities by using the indirect method Print Done s occurred during 2015 Dazzling Motors, Inc. was formed on January 1, 2016. Theodwingtan Click the icon to view the transactions) Read the regiments Requirement 1. Prepare Dazzling Motors Inc.'s income statement for the year ended December 31 2016 Use the single-step format with all revenues ested together and a ponses together Darling Mo Inc Income Statement Year Ended December 31, 2016 Revue Choose from a list or enter any in the input nekad then continue to the next question
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