THIS IS WHAT I HAVE WRONG The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,290 16,330 $ 1,510 22,280 9,170 21,800 12,420 Transactions for Year 2 1 Acquired an additional $8,400 cash from the issue of common stock 2 Purchased $60,900 of inventory on account 3 Sold inventory that cost $62,900 for $95,400 Sales were made on account 4 The company wrote off $1,310 of uncollectible accounts 5 On September 1, LGS loaned $9,500 to Eden Co The note had an 7 percent interest rate and a one year term 6 Paid $14,390 cash for operating expenses 7 The company collected $84,450 cash from accounts receivable 8 A cash payment of $52,700 was paid on accounts payable 9 The company paid a $5,400 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, 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 Assets vent Cash Inventory NRV Accounts Receivable 16,330 Bal 22 280 1 6,290 8,400 1 LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2 Liabilities Stockholders' Equity Notes Interest Accounts Common Retained Accounts Titles for Ret Receivable Receivable Payable Stock Earnings 9,170 21,800 12,420 8,400 60,900 (62,900) Cost of goods sold 95,400 Sales revenue (1,310) Uncollectible accounts exi 9,500 (14,390) Operating expenses 2 60,900 (62,900) 3b 95,400 4 5 6 7 (9,500) (14,390) 84,450 (52,700) (5,400) (84,450) 8 (52,700) 9 10 (5,400) Dividend (1,908) Uncollectible accounts exi 222 Interest revenue 22,134 11 222 Bal 17,150 27,280 20,280 9,500 222 17,370 30,200 Assets Liabilities Stockholders' Equity Inventory Notes Receivable Interest Receivable II NRV Accounts Receivable 16,330 X Accounts Payable Common Stock Retained Earnings ) 22,280 9,170 12,420 21,800 8,400 ) 60 900 60,900 (62,900) 95,400 (62,900) 95,400 (1,310) X 9,500 (14 390) ) (84,450) (52,700) (5,400) (1,908) 222 222 ) 27,280 20,280 9,500 222 17,370 30,200 22 134 Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers (11,548) Outflow for inventory 2,000 Outflow for notes receivable X 9,500 $ (48) Net cash flow from operating activities Cash flows from investing activities Outflow for notes receivable (9,500) (9,500) Net cash flow from investing activities 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 8,400 (5,400) 3,000 (6,548) 6,290 The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,290 16,330 $ 1,510 22,280 9,170 21,800 12,420 Transactions for Year 2 1 Acquired an additional $8,400 cash from the issue of common stock 2 Purchased $60,900 of inventory on account 3 Sold inventory that cost $62,900 for $95,400 Sales were made on account 4 The company wrote off $1,310 of uncollectible accounts 5 On September 1, LGS loaned $9,500 to Eden Co The note had an 7 percent interest rate and a one year term 6 Paid $14,390 cash for operating expenses 7 The company collected $84,450 cash from accounts receivable 8 A cash payment of $52,700 was paid on accounts payable 9 The company paid a $5,400 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, 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 Assets vent Cash Inventory NRV Accounts Receivable 16,330 Bal 22 280 1 6,290 8,400 1 LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2 Liabilities Stockholders' Equity Notes Interest Accounts Common Retained Accounts Titles for Ret Receivable Receivable Payable Stock Earnings 9,170 21,800 12,420 8,400 60,900 (62,900) Cost of goods sold 95,400 Sales revenue (1,310) Uncollectible accounts exi 9,500 (14,390) Operating expenses 2 60,900 (62,900) 3b 95,400 4 5 6 7 (9,500) (14,390) 84,450 (52,700) (5,400) (84,450) 8 (52,700) 9 10 (5,400) Dividend (1,908) Uncollectible accounts exi 222 Interest revenue 22,134 11 222 Bal 17,150 27,280 20,280 9,500 222 17,370 30,200 Assets Liabilities Stockholders' Equity Inventory Notes Receivable Interest Receivable II NRV Accounts Receivable 16,330 X Accounts Payable Common Stock Retained Earnings ) 22,280 9,170 12,420 21,800 8,400 ) 60 900 60,900 (62,900) 95,400 (62,900) 95,400 (1,310) X 9,500 (14 390) ) (84,450) (52,700) (5,400) (1,908) 222 222 ) 27,280 20,280 9,500 222 17,370 30,200 22 134 Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers (11,548) Outflow for inventory 2,000 Outflow for notes receivable X 9,500 $ (48) Net cash flow from operating activities Cash flows from investing activities Outflow for notes receivable (9,500) (9,500) Net cash flow from investing activities 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 8,400 (5,400) 3,000 (6,548) 6,290

Question

THIS IS WHAT I HAVE WRONG  The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1  Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,290 16,330 $ 1,510 22,280 9,170 21,800 12,420 Transactions for Year 2 1  Acquired an additional $8,400 cash from the issue of common stock  2  Purchased $60,900 of inventory on account  3  Sold inventory that cost $62,900 for $95,400  Sales were made on account  4  The company wrote off $1,310 of uncollectible accounts  5  On September 1, LGS loaned $9,500 to Eden Co  The note had an 7 percent interest rate and a one year term  6  Paid $14,390 cash for operating expenses  7  The company collected $84,450 cash from accounts receivable  8  A cash payment of $52,700 was paid on accounts payable  9  The company paid a $5,400 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, 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  Assets vent Cash   Inventory   NRV Accounts Receivable 16,330   Bal  22 280   1 6,290   8,400   1          LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2   Liabilities   Stockholders' Equity Notes Interest Accounts Common Retained Accounts Titles for Ret Receivable Receivable Payable Stock Earnings 9,170   21,800   12,420 8,400   60,900   (62,900) Cost of goods sold 95,400 Sales revenue (1,310) Uncollectible accounts exi 9,500     (14,390) Operating expenses 2        60,900   (62,900)   3b  95,400 4              5            6                7  (9,500)   (14,390)   84,450   (52,700)   (5,400)   (84,450)           8          (52,700)     9            10              (5,400) Dividend (1,908) Uncollectible accounts exi 222 Interest revenue 22,134 11          222       Bal  17,150   27,280   20,280   9,500   222   17,370   30,200   Assets Liabilities   Stockholders' Equity   Inventory   Notes Receivable   Interest Receivable II NRV Accounts Receivable 16,330 X   Accounts Payable   Common Stock   Retained Earnings )   22,280       9,170     12,420 21,800 8,400 )                       60 900     60,900 (62,900) 95,400 (62,900) 95,400 (1,310) X                   9,500                     (14 390) )   (84,450)                     (52,700)                       (5,400) (1,908)                       222       222 )   27,280   20,280   9,500   222 17,370     30,200   22 134 Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers (11,548) Outflow for inventory 2,000 Outflow for notes receivable X 9,500 $ (48) Net cash flow from operating activities Cash flows from investing activities  Outflow for notes receivable (9,500) (9,500) Net cash flow from investing activities 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 8,400 (5,400) 3,000 (6,548) 6,290 The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1  Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,290 16,330 $ 1,510 22,280 9,170 21,800 12,420 Transactions for Year 2 1  Acquired an additional $8,400 cash from the issue of common stock  2  Purchased $60,900 of inventory on account  3  Sold inventory that cost $62,900 for $95,400  Sales were made on account  4  The company wrote off $1,310 of uncollectible accounts  5  On September 1, LGS loaned $9,500 to Eden Co  The note had an 7 percent interest rate and a one year term  6  Paid $14,390 cash for operating expenses  7  The company collected $84,450 cash from accounts receivable  8  A cash payment of $52,700 was paid on accounts payable  9  The company paid a $5,400 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, 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  Assets vent Cash   Inventory   NRV Accounts Receivable 16,330   Bal  22 280   1 6,290   8,400   1          LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2   Liabilities   Stockholders' Equity Notes Interest Accounts Common Retained Accounts Titles for Ret Receivable Receivable Payable Stock Earnings 9,170   21,800   12,420 8,400   60,900   (62,900) Cost of goods sold 95,400 Sales revenue (1,310) Uncollectible accounts exi 9,500     (14,390) Operating expenses 2        60,900   (62,900)   3b  95,400 4              5            6                7  (9,500)   (14,390)   84,450   (52,700)   (5,400)   (84,450)           8          (52,700)     9            10              (5,400) Dividend (1,908) Uncollectible accounts exi 222 Interest revenue 22,134 11          222       Bal  17,150   27,280   20,280   9,500   222   17,370   30,200   Assets Liabilities   Stockholders' Equity   Inventory   Notes Receivable   Interest Receivable II NRV Accounts Receivable 16,330 X   Accounts Payable   Common Stock   Retained Earnings )   22,280       9,170     12,420 21,800 8,400 )                       60 900     60,900 (62,900) 95,400 (62,900) 95,400 (1,310) X                   9,500                     (14 390) )   (84,450)                     (52,700)                       (5,400) (1,908)                       222       222 )   27,280   20,280   9,500   222 17,370     30,200   22 134 Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Inflow from customers (11,548) Outflow for inventory 2,000 Outflow for notes receivable X 9,500 $ (48) Net cash flow from operating activities Cash flows from investing activities  Outflow for notes receivable (9,500) (9,500) Net cash flow from investing activities 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 8,400 (5,400) 3,000 (6,548) 6,290

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THIS IS WHAT I HAVE WRONG: The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31,

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