Required information Exercise 7-15A Comprehensive single-cycle problem LO 7-1, 7-5, 7-6 [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 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 6,340 19,105 1,950 22,510 10,585 19,600 15,820 Transactions for Year 3 1. Acquired an additional $9,600 cash from the issue of common stock. 2. Purchased $58,600 of inventory on account. 3. Sold inventory that cost $63,000 for $95,100. Sales were made on account. 4. The company wrote off $1,040 of uncollectible accounts. 5. On September 1, LGS loaned $10,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $14,580 cash for operating expenses. 7. The company collected $80,120 cash from accounts receivable. 8. A cash payment of $51,020 was paid on accounts payable. 9. The company paid a $4,400 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, Year 3 (see item 5). b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3. Complete this question by entering your answers in the tabs below. Reg B Inc Stmt Reg B Bal Req B Stmt SE Req B Stmt Cash Flows Sheet Prepare an income statement for Year 3. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 3 Expenses Total expenses 0 Operating income 0 b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt SE Req B Bal Sheet Req B Stmt Cash Flows Prepare a statement of changes in stockholders' equity for Year 3. (Enter all final answers in whole dollars. Enter deductibles with a minus sign.) LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 3 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ OL dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, Year 3 Assets 0 Total assets 0 Liabilities Total liabilities 0 Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Required lhformatloh Reg B Inc Stmt Reg B Stmt SE Reg B Bal Sheet Req B Stmt Cash Flows Prepare a statement of cash flows for Year 3. (Amounts to be deducted should be indicated with a minus sign. Enter all final 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, Year 3 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 Ending cash balance $ 0