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 9,000 41,000 2,500 78,000 21,000 50,000 54,500 Transactions for 2018 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 $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 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, 2018 (see item 5). Required information Event Interest Receivable Accounts Titles for Retained Earnings = Liabilities + Accounts Payable 21,000 + + 85,000+ Stockholders' Equity Common Retained Stock Earnings 50,000 + 54,500 20,000 + Assets Cash + Accounts - Allowance + Merchandise Notes Receivable Inventory Receivable 9,000+ 41,000 - (2,500) 78,000 + 20.000 + 85,000+ (91,000) + 160,000 - (900) - (18,000) + 18,000+ (19.000) + 161,000 + (161,000) - (92,000) (5,000) (1.600) (91,000) 160,000 + Bal. 1. 2. 3a. 3b. 4. 5. 6. 7. 8. 9. 10. 11. Bal. + 11111111111 + + (19,000) + + + + + (92,000) + + + + + + (5,000) (1.600) 480 98,380 480 = 480 = + 56,000+ 39,100 - (3,200) + 72,000+ 18,000 + 14,000 + 70,000+ 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 whole dollars.) 167,000 95,000 % 72,000 X LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Sales revenue Cost of goods sold Gross margin Expenses Operating expenses $ $ 280 X Operating expenses 19.000 Uncollectible accounts expense 1,600 Total expenses Operating income Interest revenue Net income 20,880 51,120 480 $ 51,600 Prepare a statement of changes in stockholders' equity for 2018. (Enter all final answer with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock $ 50,000 Plus: Stock issued 20,000 Ending common stock $ 70,000 Beginning retained earnings 54.500 Plus: Net income 51.6003 Less: Dividend 5,000 3 Ending retained earnings 111,100 Total stockholders' equity 181,100 Prou 2 Sneet C ash Flows Prepare a balance sheet for 2018. (Be sure to list the assets in the order oft dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' equity 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 Pro