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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

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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 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that cost $62,100 for $96,200. Sales were made on account 4. The company wrote off $1,460 of uncollectible accounts. 5. On September 1, LGS loaned $9,000 to Eden Co. The note had an 6 percent interest rate and a one-year term 6. Paid $14,600 cash for operating expenses. 7. The company collected $72,610 cash from accounts receivable. 8. A cash payment of $50,490 was paid on accounts payable. 9. The company paid a $4,500 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). LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2018 - Liabilities - Notes Interest Accounts Receivable Receivable Payable Event Stockholders' Equity Common Retained Stock Earnings Accounts Titles for Retained Earnings Cash Accounts Receivable All Merchandise Inventory Reg B Inc Rea B Stmt SE Req B Bal Req B Stmt Cash Flows Stmt Sheet Prepare an income statement for 2018. (Enter all final answers in whole d / LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 / Expenses Total expenses Operating income Prepare a statement of changes in stockholders' equity for 2018. (Enter with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Req B Inc Stmt Reg B Stmt SES Reg B Bal Sheet Reg B Stmt Cash Flows Prepare a balance sheet for 2018. (Be sure to list the assets in the or dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Assets Total assets Liabilities - Total liabilities Stockholders' equity 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 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 Ending cash balance

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