Based on the case below, you are requested to:

1. Provide the balance for Advance to Suppliers as of December 31, 2017.
2. Record the transactions that occurred through 2018, in whatever fashion you choose (T-accounts, Journal Entries, or other methodology of your choosing)
3. Prepare the following:
   1. 2018 Income Statement
   2. Balance Sheet as of December 31, 2018
   3. 2018 Cash Flow Statement

Please provide all work in an Excel or Google Spreadsheet file. The presentation of the work is expected to be review ready for a supervisor.

What we are looking for

1. Put in an honest self-directed effort, but spend no more than 60-90 minutes
2. Your financial understanding is more relevant than having the answer correct. Show your work so we can understand how you approached the solution.
3. Presentation matters. Showcase your understanding in a presentation-ready manner through the Excel File.

Case - NGST

NextGen Sports Technology Inc. (NGST) is a VR headset manufacturer/retailer that started its operations during the 2015. Many years later, the balance sheet for December 31, 2017, showed the following account balances (there were no other accounts listed):

Account	Amount
Common Equity	500
Loan from Bank	28
Prepaid Services	10
PPE	410
Interest Receivable	5
Cash	618
Wages Payable	10
Accounts Payable	1
Loan to GlassMaker (separate company)	25
Accumulated Depreciation	145
Accounts Receivable	120
Retained Earnings	781
Trademark ("View The Future")	195
Prepaid Rent	7
Advances to Suppliers	???

During 2018 the following transactions occurred:

1. Cash sales were $800, credit sales were $1,200 and the ending balance of accounts receivable was $210.
2. NGST purchased $1,706 worth of inventory, and paid its suppliers $1,607.
3. A new machine was purchased, in cash, for $200. Depreciation expense for the year was $80.
4. In addition to the transactions in item 2 above, NGST purchased, from the supplier it had advances with on December 31, 2017, 120 VR headsets, at $2.50 per unit. By the end of the year, NGST settled the account and paid it in full.
5. NGST declared a dividend of $75, and paid in cash $60.
6. GlassMaker paid NGST $37: $5 for the interest related to last year (recorded as interest receivable in 2017), $7 for interest related to the year 2018, and the rest ($25) against the loan principal.
7. On the first day of the year, NGST sold to FutureCast, for $195 cash, the right to use the trade name View The Future.
8. Ending inventory, including the remaining units of VR Headsets, was $106.
9. The employees of NGST earned $75, and were paid $80 as wages.
10. Rent expense for 2018 was $150, while rent payments were $136.
11. NGST accrued interest of $8 on its loan from the bank. No payments were made during the year.
12. The VP of Finance of NGST was invited to a dinner at the TriCom. It is believed that the knowledge generated during the dinner will reduce expenses next year by $150.
13. The prepaid services were used, in full, during the year.