nexternal browser Chapter 5 Connect Homework #2 1 The following list of accounts was drawn from the accounts of Little Grocery Supplier GS as of December 3 5 Cash points 10 Accounts receivable $9,000 41,000 Allowance for doubtful accounts $2,500 Inventory 70.000 Accounts payable 21,000 Common stock 50,000 54,500 Retained earnings Transactions for Year 2 1. Acquired an additional $20,000 cash from the issue of common stock 2. Purchased $85,000 of inventory on account 3. Sold inventory that cost $91,000 for $150,000. Sales were made on account 4. The company wrote off $900 of uncollectible accounts 5. On September 1, LGS loaned $18,000 so Eden Co. The note had an 8 percent interest rate a 6. Paid $19,000 cash for operating expenses 7. The company collected $161,000 cash from accounts receivable 8. A cash payment of $92.000 was paid on accounts payable 9. The company paid a $5,000 cash dividend to the stockholders 10. Uncollectible accounts are estimated to be 1 percent of sales on account 11. Recorded the accrued interest at December 31, Year 2 (see item 50 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 beance sheet, and a statement of cute Year 2 answers in the tabs b 5 points 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 cab for Year 2 Complete this question by entering your answers in the tabs below. Him Req A References Changes Req Sheet Reg St Cash Flow Organize the transaction data in accounts under an accounting equation (Duet round cult Titles for Retained Earnings, leave the cell blank) Assets LITTLE GROCERY SUPPLIER G Accounting Equation for the Year 2 Lib Stockfulders Cont Event Cash NRV Accounts Raceivable Inventory Notes Racervable Receivable Interest Seck Bal I 2 3a . 4 5 6 T a 9 10 Bal Test Chapter 5 Connect Homework #2 Saved 5 1 points 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. Hint Req A Req B Inc Req B Stmt of Req B Bal Stmt Changes Sheet Req B Stmt Cash Flows References Prepare an income statement for Year 2. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 2 Expenses Total expenses Operating income 0 Chapter 5 Connect Homework #2 1 S points Hint ucation.com%252Fmghmiddleware 252 Saved 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. References Req A Req B Inc Stmt Req B Stmt of Req B Bal Changes Sheet Req 8 Stmt Cash Flows Prepare a statement of changes in stockholders' equity for Year 2. (Enter all final answers in whole dollars. Enter cash outflows with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Ending common stock: Beginning retained eamings Ending retained earnings Total stockholders' equity $ 0 0 $ 0 KlaunchUrl=https%253A%252F%252Flms.mheducation.com%252Fimghmiddleware%252F Chapter 5 Connect Homework #2 1 Complete this question by entering your answers in the tabs below. 5 points Req B Inc Req A Stmt Req B Stmt of Changes Req B Bal Sheet Req B Stmt Cash Flows Hint Saved Prepare a balance sheet for Year 2. (Be sure to list the assets in the order of their liquidity. Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, Year : References Assets Total assets Liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0 10 0 $ 0 Chapter 5 Connect Homework #2 1 Complete this question by entering your answers in the tabs below. 5 points Req B Inc Req A Stmt Req B Stmt of Changes Req B Bal Sheet Req 8 Stmt Cash Flows Saved Prepare a statement of cash flows for Year 2. (Enter cash outflows with a minus sign. Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows Hint For the Year Ended December 31, Year 2 References Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities $ 0 Net cash flow from investing activities Cash flows from financing activities Cash flows from financing activities Net change in cash 0 0 0 Ending cash balance $ 0