Please complete questions 2 and 3c only
search 15% 1:02 AM LiveLike Finance I A+ Finance Intern -Case Test Assignment Based on the case below, you are requested to: 1. Provide the balance for Advance to Suppliers as of December 3, 2017 2. Record the transactions that occurred through 2018, in whatever fashion you choose (T-accounts, Journal Entries, or other methodology of your choosing) 3. Prepare the following: a. 2018 Income Statement b. Balance Sheet as of December 31, 2018 c. 2018 Cash Flow Statement ease provide all wo Case NGST NextGen Sports Technology Inc. (NGST) is a VR headset manufacturer/retailer that started its operations during the 2015. Many years later, the balance sheet for December 31 2017, showed the following account balances (there were no other accounts listed): Common Equity Loan from Bank Prepaid Services Inierest Receivable Wages Payable Accounts Payable Loan to GlassMaker (separate Accounts Receivable Retained Eamings Trademark ("View The Future)195 Prepaid Rent Advances so Suppliers Durin g 2018 the following transactions Common Equity Loan from Bank Propaid Services 500 28 10 410 Interest Receivable Cash Wages Payable Accounts Payable Loan to Glass Maker (separate 25 145 120 Accounts Receivable Retained Eamings Trademark (View The Future Prepaid Rent Advances to Suppliers During 2018 the following transactions occurred: 1. Cash sales were $800, credit sales were $1,200 and the 2. NGST purchased S1,706 worth of inventory, and paid 3. A new machine was purchased, in cash, for $200. 4. In addition to the transactions in item 2 above, NGST ending balance of accounts receivable was S210. its suppliers $1,607 Depreciation expense for the year was S80. 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 S75, and paid in cash S60. 6. GlassMaker paid NGST S37: S5 for the interest related to last year (recorded as interest receivable in 2017), S7 for interest related to the year 2018, and the rest (S25) against the loan principal. 7. On the first day of the year, NGST sold to FutureCast for S195 cash, the right to use the trade name View The Future 8. Ending inventory, including the remaining units of VR 9. The employees of NGST earned $75, and were paid 10. Rent expense for 2018 was $150, while rent 11. NGST accrued interest of $8 on its loan from the 12. The VP of Finance of NGST was invited to a dinner Headsets, was $106. $80 as wages. payments were S136. bank. No payments were made during the year. at the TriCom. It is believed that the knowledge generated during the dinner will reduce expenses next year by S150. 13. The prepaid services were used, in full, during the year. search 15% 1:02 AM LiveLike Finance I A+ Finance Intern -Case Test Assignment Based on the case below, you are requested to: 1. Provide the balance for Advance to Suppliers as of December 3, 2017 2. Record the transactions that occurred through 2018, in whatever fashion you choose (T-accounts, Journal Entries, or other methodology of your choosing) 3. Prepare the following: a. 2018 Income Statement b. Balance Sheet as of December 31, 2018 c. 2018 Cash Flow Statement ease provide all wo Case NGST NextGen Sports Technology Inc. (NGST) is a VR headset manufacturer/retailer that started its operations during the 2015. Many years later, the balance sheet for December 31 2017, showed the following account balances (there were no other accounts listed): Common Equity Loan from Bank Prepaid Services Inierest Receivable Wages Payable Accounts Payable Loan to GlassMaker (separate Accounts Receivable Retained Eamings Trademark ("View The Future)195 Prepaid Rent Advances so Suppliers Durin g 2018 the following transactions Common Equity Loan from Bank Propaid Services 500 28 10 410 Interest Receivable Cash Wages Payable Accounts Payable Loan to Glass Maker (separate 25 145 120 Accounts Receivable Retained Eamings Trademark (View The Future Prepaid Rent Advances to Suppliers During 2018 the following transactions occurred: 1. Cash sales were $800, credit sales were $1,200 and the 2. NGST purchased S1,706 worth of inventory, and paid 3. A new machine was purchased, in cash, for $200. 4. In addition to the transactions in item 2 above, NGST ending balance of accounts receivable was S210. its suppliers $1,607 Depreciation expense for the year was S80. 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 S75, and paid in cash S60. 6. GlassMaker paid NGST S37: S5 for the interest related to last year (recorded as interest receivable in 2017), S7 for interest related to the year 2018, and the rest (S25) against the loan principal. 7. On the first day of the year, NGST sold to FutureCast for S195 cash, the right to use the trade name View The Future 8. Ending inventory, including the remaining units of VR 9. The employees of NGST earned $75, and were paid 10. Rent expense for 2018 was $150, while rent 11. NGST accrued interest of $8 on its loan from the 12. The VP of Finance of NGST was invited to a dinner Headsets, was $106. $80 as wages. payments were S136. bank. No payments were made during the year. at the TriCom. It is believed that the knowledge generated during the dinner will reduce expenses next year by S150. 13. The prepaid services were used, in full, during the year
