i already posted this but it was incorrect so im reposting it! please only do it if you know it all because i dont want to waste questions. thank you!
Required information 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. 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,719 17,410 1,640 24,760 7,695 21,280 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2. Purchased $61,400 of inventory on account 3. Sold inventory that cost $62100 for $96,200. Sales were made on account. 4. The company wrote off $1,460 of uncollectible accounts 5. On September 1. LGS loaned $9,000 to Eden Co. The note had an 6 percent interest rate and a one-year term. 6. Paid $14,600 cash for operating expenses 7. The company collected $72,610 cash from accounts receivable. 8. A cash payment of $50.490 was paid on accounts payable. 9. The company paid a $4,500 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, 2018 (see item 5) LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2018 - Liabilities - Notes Interest est Accounts Accounts Receivable Receivable Payable Assets Event Accounts Titles for Retai Cash Accounts Receivable All Merchandise Inventory Stockholders' Equity Common Common Retained Retained S tock Earnings 21 200+ 17 345 Bal N 60 5.710 - 17410 Complete this question by entering your answers in the Req B Inc Stmt Req B Stmt SE Req B Bal Sheet Req B Stmt Cash Flows Prepare an income statement for 2018. (Enter all final answers in LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross margin Expenses $ 96,200 (62,100) 34,100 Operating expenses Uncollectible accounts expense (14.600) (180) Total expenses Operating income (14,780) 19,320 Net income Reg B Inc Stmnt Req B Inc Stmt Req B Stmt SET Req B Bal Sheet Reg B Stmt Cash Flows Prepare a statement of changes in stockholders' equity for with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 21,200 Plus: Stock issued 10,400 Ending common stock Beginning retained earnings Plus: Net income 30,705 31,600 Ending retained earnings Total stockholders' equity 30,705 62,305 $ PAGBU Req B IncReq B Stmt SE Stmt Req B bal Sheet Req B Stmt Cash Flows Prepare a balance sheet for 2018. (Be sure to list the assets in the dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' equity Req B Inc Stmt Req B Stmt SE Req B Bal Sheet Req B. Stmt Cash Flows Prepare a statement of cash flows for 2018. (Amounts to be deducted s answers in whole dollars. Enter cash outflows with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance
