14.

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15.

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, Year 1. Transactions for Year 2 1. LGS acquired an additional $8,300 cash from the issue of common stock. 2. LGS purchased $60,500 of inventory on account. 3. LGS sold inventory that cost $63,400 for $94,800. Sales were made on account. 4. The company wrote off $1,260 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $14,650 cash for operating expenses. 7. The company collected $78,740 cash from accounts receivable. 8. A cash payment of $48,550 was paid on accounts payable. 9. The company paid a $5,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,000. The cost of goods sold was $1,800. The credit card company charges a 3 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 1.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. 1. 2. 3a. 3b. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Credit Card Expense } \\ \hline BeginningBalance & & \\ \hline & & & \\ \hline & & & \\ \hline \multicolumn{2}{|c|}{ Interest Revenue } \\ \hline Ending Balance & & \\ \hline & & & \\ \hline Balance \\ \hline \end{tabular} 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, Year 1. Transactions for Year 2 1. LGS acquired an additional $8,300 cash from the issue of common stock. 2. LGS purchased $60,500 of inventory on account. 3. LGS sold inventory that cost $63,400 for $94,800. Sales were made on account. 4. The company wrote off $1,260 of uncollectible accounts. 5. On September 1 , LGS loaned $7,500 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $14,650 cash for operating expenses. 7. The company collected $78,740 cash from accounts receivable. 8. A cash payment of $48,550 was paid on accounts payable. 9. The company paid a $5,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,000. The cost of goods sold was $1,800. The credit card company charges a 3 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 1.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. (Round your answers to the nearest whole dollar amounts.) Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash lows for Year 2. Complete this question by entering your answers in the tabs below. Prepare a statement of changes in stockholders' equity for Year 2. (Enter amounts to be deducted with a minus sign.) c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash lows for Year 2. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 2. (Enter amounts to be deducted with a minus sign. Round your answers to the nearest whole dollar amounts.) c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash lows for Year 2. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Year 2. (Enter cash outflows with a minus sign.)