practice help b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows forYear 3.Complete this question by entering your answers in the tabs below.Req B IncReq B Stmt SE Req B BalSheetReq B StmtCash FlowsStmtPrepare a statement of changes in stockholders' equity for Year 3. (Enter all final answers in whole dollars. Enter deductibleswith a minus sign.)LITTLE GROCERY SUPPLIER (LGS)Statement of Changes in Stockholders' EquityFor the Year Ended December 31, Year 3Beginning common stockEnding common stockBeginning retained earningsEnding retained earningsTotal stockholders' equity%24 Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5,[The following information applies to the questions displayed below.]The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December31, Year 2:Cash$ 6,460Accounts receivable18,8601,80525,530Allowance for doubtful accountsInventoryAccounts payable10,88021,20016,965Common stockRetained earningsTransactions for Year 31. Acquired an additional $10,100 cash from the issue of common stock.2. Purchased $59,300 of inventory on account.3. Sold inventory that cost $63,000 for $93,300. Sales were made on account.4. The company wrote off $1,110 of uncollectible accounts.5. On September 1, LGS loaned $11,000 to Eden Co. The note had an 7 percent interest rate and a one-year term.6. Paid $15,840 cash for operating expenses.7. The company collected $71,880 cash from accounts receivable.8. A cash payment of $52,850 was paid on accounts payable.9. The company paid a $4,200 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, Year 3 (see item 5).

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The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: $ 6,460 18,860 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable 1,805 25,530 10,880 Common stock 21,200 16,965 Retained earnings Transactions for Year 3 1. Acquired an additional $10,100 cash from the issue of common stock. 2. Purchased $59,300 of inventory on account. 3. Sold inventory that cost $63,000 for $93,300. Sales were made on account. 4. The company wrote off $1,110 of uncollectible accounts. 5. On September 1, LGS loaned $11,000 to Eden Co. The note had an 7 percent interest rate and a one-year term. 6. Paid $15,840 cash for operating expenses. 7. The company collected $71,880 cash from accounts receivable. 8. A cash payment of $52,850 was paid on accounts payable. 9. The company paid a $4,200 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, Year 3 (see item 5).

The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: $ 6,460 18,860 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable 1,805 25,530 10,880 Common stock 21,200 16,965 Retained earnings Transactions for Year 3 1. Acquired an additional $10,100 cash from the issue of common stock. 2. Purchased $59,300 of inventory on account. 3. Sold inventory that cost $63,000 for $93,300. Sales were made on account. 4. The company wrote off $1,110 of uncollectible accounts. 5. On September 1, LGS loaned $11,000 to Eden Co. The note had an 7 percent interest rate and a one-year term. 6. Paid $15,840 cash for operating expenses. 7. The company collected $71,880 cash from accounts receivable. 8. A cash payment of $52,850 was paid on accounts payable. 9. The company paid a $4,200 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, Year 3 (see item 5).

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1OYO

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