The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as...

      

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The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2 017: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Transactions for 2018 $ 6,280 17, 705 $ 1,600 25,900 10,080 21,800 16, 405 1. Acquired an additional $11,100 cash from the issue of common stock. 2. Purchased $59,500 of inventory on account. 3. Sold inventory that cost $62,200 for $94,700. Sales were made on account. 4. The company wrote off $1,290 of uncollectible accounts. 5. On September 1, LGS loaned $8,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $16,290 cash for operating expenses. 7. The company collected $84,880 cash from accounts receivable. 8. A cash payment of $51,270 was paid on accounts payable. 9. The company paid a $5,900 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). a. Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Round your final answers to whole dollars. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) Event Bal. 1. 2. 3a. 3b. 4. 5. 6. 7. 8. 9. 10. 11. Bal. Cash + + + + + + + + + + + + + + Accounts Receivable - = - - - Assets Allowance + + + + + 1+P + + Merchandise Inventory LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2018 + + + +1 +1 + + + + + + + Notes Receivable + + + + + + Interest Receivable = Liabilities + Stockholders' Equity Retained Earnings =I Accounts Payable + + + + + + + + + + + Common Stock + + . +1 + + + + + + + + + Accounts Titles for Retained Earnings Req B Inc Stmt Req B Stmt SE Expenses Req B Bal Sheet Prepare an income statement for 2018. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Total expenses Operating income Req B Stmt Cash Flows Req B Inc Stmt Req B Stmt SE Prepare a statement of changes in stockholders' equity for 2018. (Enter all final answers in whole dollars. Enter deductibles with a minus sign.) Beginning common stock Req B Bal Sheet LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Ending common stock Beginning retained earnings Req B Stmt Cash Flows Ending retained earnings Total stockholders' equity Prepare a balance sheet for 2018. (Be sure to list the assets in the order of their liquidity. Enter all final answers in whole dollars.) Assets Total assets Liabilities LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Req B Inc Stmt Req B Stmt SE Prepare a statement of cash flows for 2018. (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.) Cash flows from operating activities Req B Bal Sheet LITTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, 2018 Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities Req B Stmt Cash Flows Net cash flows from financing activities Net change in cash Ending cash balance The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2 017: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Transactions for 2018 $ 6,280 17, 705 $ 1,600 25,900 10,080 21,800 16, 405 1. Acquired an additional $11,100 cash from the issue of common stock. 2. Purchased $59,500 of inventory on account. 3. Sold inventory that cost $62,200 for $94,700. Sales were made on account. 4. The company wrote off $1,290 of uncollectible accounts. 5. On September 1, LGS loaned $8,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $16,290 cash for operating expenses. 7. The company collected $84,880 cash from accounts receivable. 8. A cash payment of $51,270 was paid on accounts payable. 9. The company paid a $5,900 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). a. Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Round your final answers to whole dollars. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) Event Bal. 1. 2. 3a. 3b. 4. 5. 6. 7. 8. 9. 10. 11. Bal. Cash + + + + + + + + + + + + + + Accounts Receivable - = - - - Assets Allowance + + + + + 1+P + + Merchandise Inventory LITTLE GROCERY SUPPLIER (LGS) Accounting Equation for the Year 2018 + + + +1 +1 + + + + + + + Notes Receivable + + + + + + Interest Receivable = Liabilities + Stockholders' Equity Retained Earnings =I Accounts Payable + + + + + + + + + + + Common Stock + + . +1 + + + + + + + + + Accounts Titles for Retained Earnings Req B Inc Stmt Req B Stmt SE Expenses Req B Bal Sheet Prepare an income statement for 2018. (Enter all final answers in whole dollars.) LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, 2018 Total expenses Operating income Req B Stmt Cash Flows Req B Inc Stmt Req B Stmt SE Prepare a statement of changes in stockholders' equity for 2018. (Enter all final answers in whole dollars. Enter deductibles with a minus sign.) Beginning common stock Req B Bal Sheet LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 Ending common stock Beginning retained earnings Req B Stmt Cash Flows Ending retained earnings Total stockholders' equity Prepare a balance sheet for 2018. (Be sure to list the assets in the order of their liquidity. Enter all final answers in whole dollars.) Assets Total assets Liabilities LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Req B Inc Stmt Req B Stmt SE Prepare a statement of cash flows for 2018. (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.) Cash flows from operating activities Req B Bal Sheet LITTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, 2018 Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities Req B Stmt Cash Flows Net cash flows from financing activities Net change in cash Ending cash balance

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