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 $ 9,000 41,000 $ 2,500 78,000 21,0ee 5e, e00 54,500 Common stock Retained earnings 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). quired Prepare an income staterfierit Tor 201o. (Eitel dll Tal al13ers TIOle dun LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Sales revenue $160,000 Cost of goods sold 91,000 Gross margin 72,000 Expenses Operating expenses 280 Operating expenses 19,000 Uncollectible accounts expense 1,600 Total expenses 20,880 51,120 Operating income Interest revenue 480 Net income $ 51,600 Req B Inc Stmt Req B St Lhungc ll 300CKTIUIUr e Tor 2018. (Enter all fin 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 20,000 $ Plus: Stock issued Ending common stock $ 70,000 Beginning retained earnings 54,500 Plus: Net income 51,600 Less: Dividend 5,000 Ending retained earnings 111,100 Total stockholders' equity $ 181,100 Req B Inc Stmt Req B Bal LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Assets Cash $ 56,000 Accounts receivable 39,100 Less: Allowance for doubtful accounts 3,200 35,900 Merchandise inventory 72,000 Accounts payable 18,000 480 Total assets $ 182,380 Liabilities Common stock 70,000 Accounts payable 14,000 Total liabilities 84,000 Stockholders' equity 0 Total stockholders' equity $ 84,000 Total liabilities and stockholders' equity Req B Stmt SE Req B Stmt Cash Flows 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 0 Cash flows from investing activities: 0 Cash flows from financing activities Net cash flows from financing activities 0 Net change in cash 0 $ Ending cash balance Req B Bal Sheet Req B S