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Can someone help me with this year 2 balance sheet? The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS)
Can someone help me with this year 2 balance sheet?
The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1: Transactions for Year 2 1. Acquired an additional $9,200 cash from the issue of common stock. 2. Purchased $61,200 of inventory on account. 3 . Sold inventory that cost $61,900 for $95,800. Sales were made on account. 4. The company wrote off $1,080 of uncollectible accounts. 5. On September 1, LGS loaned $8,000 to Eden Co. The note had an 7 percent interest rate and a one-year term. 6. Paid $16,180 cash for operating expenses. 7. The company collected $88,320 cash from accounts receivable. 8. A cash payment of $51,040 was paid on accounts payable. 9. The company paid a $5,400 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 2 (see item 5). Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 2. (Be sure to list the assets in the order of their liquidit) dollars.)Step by Step Solution
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