4. Required information Exercise 7-15A Comprehensive single-cycle problem LO 7-4, 7-5, 7-6 {The following information applies to the questions displayed below! The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 Part 2 Year 2 10 $5,70 17.355 Accounts receivable Allowance for doubtrol accounts Inventory Accounts payable stock Bined earnings 22,240 19.100 15,875 Transactions for Year 3 1. Acquired an additional $9.200 cash from the issue of common stock 2. Purchased $58,300 of inventory on account 3. Sold Inventory that cost $62700 for $96,300. Sales were made on account 4. The company wrote off $1190 of uncollectible accounts 5. On September 1, GS toaned $10.000 to Eden Co. The note had an 8 percent interest rate and one year term. 6. Pald $14,000 cash for operating expenses. 7. The company collected $83,560 cash from accounts receivable 8. A cash payment of $50.760 was paid on accounts payable 9. The company paid a $5,300 cash dividend to the stockholders 10. Uncollectible accounts are estimated to be 2 percent of sales on account 11. Recorded the accrued interest at December 31 Year 3 (see items) 4. Required information Part 2 of 2 10 points eBook Req B Inc Req B Stmt SE Req B Bal Reg B Stmt Stmt Sheet Cash Flows Prepare an income statement for Year 3. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 3 Sales revenue $ 96,300 Cost of goods sold 62,700 Gross margin 33,600 Expenses Operating expenses Uncollectible accounts expense Print Total expenses Operating income 0 33,600 Fennel Req B Stunt SE > 4 Required information Part 2 of 2 Rea Inc Beg Bal Reg Sumt SE Semt Red Sem She Cash Flows Prepare a statement of changes in stockholders' equity for Year 3. (Enter all finanswers in wholt dollars Enter deductibles with a minus sign) UTTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31 Year a Beginning common stock Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders equity S 0 4 Required information Part 2 of 2 LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, Year 3 Assets 10 points 0 BOR S 0 Total assets Liabilities 0 Total liabilities Stockholders' equity 0 Total stockholders equity Total liabilities and stockholders equity $ 0 Me Chapter 7 Homework 4 Required information Part 2 of 2 UTTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, Year Cash Bows from operating activities 10 Dets 5 0 Net cash flow from operating activities Cashflows from investing activities Cash flows from financing activities O Net cash flows from financing activities Not change in cash O 5 Ending cash balance 0 5. Assume that does Bike Shop uses the direct of method of accounting for uncollectible accounts. Answer the following questions (1) What is the Accounts Receivable balance at December Yes (2) What is the amount of uncollectible accounts expense for (3) What is the net realizable value of accounts recible at December Your et Account 21 Uncolectie scopos (3) Noble 512. 1193 5 195 4. Required information Exercise 7-15A Comprehensive single-cycle problem LO 7-4, 7-5, 7-6 {The following information applies to the questions displayed below! The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 Part 2 Year 2 10 $5,70 17.355 Accounts receivable Allowance for doubtrol accounts Inventory Accounts payable stock Bined earnings 22,240 19.100 15,875 Transactions for Year 3 1. Acquired an additional $9.200 cash from the issue of common stock 2. Purchased $58,300 of inventory on account 3. Sold Inventory that cost $62700 for $96,300. Sales were made on account 4. The company wrote off $1190 of uncollectible accounts 5. On September 1, GS toaned $10.000 to Eden Co. The note had an 8 percent interest rate and one year term. 6. Pald $14,000 cash for operating expenses. 7. The company collected $83,560 cash from accounts receivable 8. A cash payment of $50.760 was paid on accounts payable 9. The company paid a $5,300 cash dividend to the stockholders 10. Uncollectible accounts are estimated to be 2 percent of sales on account 11. Recorded the accrued interest at December 31 Year 3 (see items) 4. Required information Part 2 of 2 10 points eBook Req B Inc Req B Stmt SE Req B Bal Reg B Stmt Stmt Sheet Cash Flows Prepare an income statement for Year 3. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 3 Sales revenue $ 96,300 Cost of goods sold 62,700 Gross margin 33,600 Expenses Operating expenses Uncollectible accounts expense Print Total expenses Operating income 0 33,600 Fennel Req B Stunt SE > 4 Required information Part 2 of 2 Rea Inc Beg Bal Reg Sumt SE Semt Red Sem She Cash Flows Prepare a statement of changes in stockholders' equity for Year 3. (Enter all finanswers in wholt dollars Enter deductibles with a minus sign) UTTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31 Year a Beginning common stock Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders equity S 0 4 Required information Part 2 of 2 LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, Year 3 Assets 10 points 0 BOR S 0 Total assets Liabilities 0 Total liabilities Stockholders' equity 0 Total stockholders equity Total liabilities and stockholders equity $ 0 Me Chapter 7 Homework 4 Required information Part 2 of 2 UTTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, Year Cash Bows from operating activities 10 Dets 5 0 Net cash flow from operating activities Cashflows from investing activities Cash flows from financing activities O Net cash flows from financing activities Not change in cash O 5 Ending cash balance 0 5. Assume that does Bike Shop uses the direct of method of accounting for uncollectible accounts. Answer the following questions (1) What is the Accounts Receivable balance at December Yes (2) What is the amount of uncollectible accounts expense for (3) What is the net realizable value of accounts recible at December Your et Account 21 Uncolectie scopos (3) Noble 512. 1193 5 195