AccountAmountCommon Equity500

Loan from Bank28

Prepaid Services10

PPE410

Interest Receivable5

Cash618

Accounts Payable10

Accounts Payable1

Loan to GlassMaker (separate company)25

Accumulated Depreciation145

Accounts Receivable120

Retained Earnings781

Trademark ("View The Future")195

Prepaid Rent7

During 2018 the following transactions occurred:

1. Cash sales were $800, credit sales were $1,200 and the ending balance of accounts receivable was $210.
2. NGST purchased $1,706 worth of inventory, and paid its suppliers $1,607.
3. A new machine was purchased, in cash, for $200. Depreciation expense for the year was $80.
4. In addition to the transactions in item 2 above, NGST purchased, from the supplier it had advances with on December 31, 2017, 120 VR headsets, at $2.50 per unit. By the end of the year, NGST settled the account and paid it in full.
5. NGST declared a dividend of $75, and paid in cash $60.
6. GlassMaker paid NGST $37: $5 for the interest related to last year (recorded as interest receivable in 2017), $7 for interest related to the year 2018, and the rest ($25) against the loan principal.
7. On the first day of the year, NGST sold to FutureCast, for $195 cash, the right to use the trade name "View The Future".
8. Ending inventory, including the remaining units of VR Headsets, was $106.
9. The employees of NGST earned $75, and were paid $80 as wages.
10. Rent expense for 2018 was $150, while rent payments were $136.
11. NGST accrued interest of $8 on its loan from the bank. No payments were made during the year.
12. The VP of Finance of NGST was invited to a dinner at the TriCom. It is believed that the knowledge generated during the dinner will reduce expenses next year by $150.
13. The prepaid services were used, in full, during the year.