pleas help with thr incorrect part - outflow for inventory
23 Part 2 of 4 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: 0.92 points Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings eBook $ 6,300 19,435 $ 2,215 25,740 7,685 19,600 21,975 Print References Transactions for 2018 1. Acquired an additional $11,600 cash from the issue of common stock. 2. Purchased $60,900 of inventory on account. 3. Sold inventory that cost $60,100 for $94,100. Sales were made on account 4. The company wrote off $990 of uncollectible accounts 5. On September 1, LGS loaned $10,000 to Eden Co. The note had an 7 percent interest rate and a one-year term. 6. Paid $14.490 cash for operating expenses. 7. The company collected $88,680 cash from accounts receivable. 8. A cash payment of $52,640 was paid on accounts payable. 9. The company paid a $4,100 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). b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for 2018 Required information 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 should be 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 Inflow from customers $ 88,680 Outflow for inventory 0 Outflow for expenses (14,490) 0 $ 74,190 Net cash flow from operating activities Cash flows from investing activities: Outflow for notes receivable $(10,000) 0 (10,000) 11,600 (4.100) Cash flows from financing activities Inflow from stock issue Outflow for dividend Net cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 7,500 71,690 6,300 $ 77.990 Answer is complete and correct. LITTLE GROCERY SUPPLIER LGS) Accounting Equation for the Year 2016 Assets Merchandise Stockholders' Common Account Titles for lined Accounts Allowance Retained Notes Recevable 6.300 Interest Receivable 0 0 2.215 19,435 0 25 - 19.800 11,600 21.975 0 11.600 Accounts Payable 7.685 0 60.900 0. 1 2 2 @ 0 60.00 O. . 3 30 4 94,100 O 09901 O. o olol O 160.00 o 94.100 Serevenue 10.1001 cent of goods sold 0 o (144901 opgesponses 0 I 0 @o 20 2 20 O 2 4 ol T1000 14.490). 8860 152.600 44.100 o 1885801 10 000 . . b. . . ol (52.6401 O @0 @0 O- 0 e OD Q 11.colectible accounts cente 10 11 Olo o 233 233 O OSE @ 0 20.540 23.65 250 00005 15.95 31.200 357
