Little Grocery Supplier (LGS) | ||
Statement of Cash Flows | ||
For the Year Ended December 31, 2018 | ||
Cash Flows from Operating Activities | ||
Operating Expenses | $ (19,000.00) | |
$ (19,000.00) | ||
Net Cash Fow from Operating Activities | ||
Cash flow from Investing activities | $ - | |
Cash flow from Financing activities | ||
Stock issuance | $ 20,000.00 | |
Cash flow from Accounts receivable | $ 161,000.00 | |
Cash flow from Accounts receivable | $ (92,000.00) | |
Cash flow for Notes Payable | $ (18,000.00) | |
Dividends | $ (5,000.00) | |
Net Cash flows from Financing activities | $ 66,000.00 | |
Net Change in cash | $ 47,000.00 | |
Ending Cash Balance | $ 56,000.00 | |
Little Grocery Supplier (LGS) | ||
Income Statement | ||
For the Year Ended December 31, 2018 | ||
Sales Revenue | $ 160,000.00 | |
Cost of goods sold | $ 91,000.00 | |
Gross Margin | $ 69,000.00 | |
Expenses | ||
Operating Expenses | $ 19,000.00 | |
Uncollectible accounts expenses | $ 1,600.00 | |
Total Expenses | $ 20,600.00 | |
Operating Income | $ 48,400.00 | |
Interest Income | $ 480.00 | |
Net Income | $ 48,880.00 | |
Little Grocery Supplier (LGS) | ||
Statement of Changes in Stockhlder's Equity | ||
For the Year Ended December 31, 2018 | ||
Beginning Common Stock | $ 50,000.00 | |
Plus: Stock issued | $ 20,000.00 | |
Ending Common Stock | $ 70,000.00 | |
Beginning retained earnings | $ 54,500.00 | |
Plus: Net Income | $ 48,880.00 | |
Less: Dividend | $ (5,000.00) | |
Ending retained earnings | $ 98,380.00 | |
Total Stockhlders' equity | $ 168,380.00 | |
Little Grocery Supplier (LGS) | ||
Balance Sheet | ||
As of Ended December 31, 2018 | ||
Assets | ||
Cash | $ 56,000.00 | |
Accounts Receivable | $ 39,100.00 | |
Less: Allowance for doubtful/ accounts | $ 3,200.00 | |
$ 35,900.00 | ||
Merchandise Inventory | $ 72,000.00 | |
Notes Receivable | $ 18,480.00 | |
Total Assets | $ 182,380.00 | |
Liabilities | ||
Accounts Payable | $ 14,000.00 | |
Total Liabilities | ||
Shareholder's Equity | ||
Common Stock | $ 70,000.00 | |
Retained earning | $ 98,380.00 | |
Total Shareholder's Equity | $ 168,380.00 | |
Total liabilities and Shareholder's Equity | $ 182,380.00 | |
The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as...
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 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
i already posted this but it was incorrect so im reposting it! please only do it if you know it all because i dont want to waste questions. thank you! 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. 2017 $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 5,719 17,410 1,640...
[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, 2017: Cash $ 5,450 Accounts receivable 17,080 Allowance for doubtful accounts $ 1,645 Inventory 22,400 Accounts payable 7,585 Common stock 21,200 Retained earnings 14,500 Transactions for 2018 Acquired an additional $8,500 cash from the issue of common stock. Purchased $59,100 of inventory on account. Sold inventory that cost $63,700 for $96,500. Sales...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: Issued $10,000 of common stock for cash. Provided $100,000 of services on account. Provided $27,000 of services and received cash. Collected $73,000 cash from accounts receivable. Paid $18,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending...
2018: Issued $10,000 of common stock for cash. Provided $90,000 of services on account. Provided $33,000 of services and received cash. Collected $57,000 cash from accounts receivable. Paid $16,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will be uncollectible. 2019: Wrote off an uncollectible account for $750. Provided $110,000 of services on account. Provided $20,000 of services and...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 740 Beginning retained earnings (6,400) Cash flow from financing act. 2,500 Rent expense 80,000 Dividends 43,000 Cash 280 Accounts receivable 1,200 Prepaid rent 800 Unearned revenue 7,600 Land 5,600 Accounts payable $ 19,000 (5,300)...
[The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $10,000 of common stock for cash. Provided $78,000 of services on account. Provided $36,000 of services and received cash. Collected $69,000 cash from accounts receivable. Paid $38,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ 19,000 (5,000) 2,500 Supplies Cash flow from investing act. Prepaid insurance Service revenue 2$ 660 (7,300) Cash flow from financing act. 2,400 Beginning retained earnings Rent expense 79,000 41,000 280 Dividends 5,500 11,800 Other operating expenses Supplies expense Cash Accounts receivable Prepaid rent Unearned revenue 19,000 4,900 7,300 Insurance expense 1,000 1,100 7,700 5,300 Beginning common stock Cash flow from operating act....
one big problem thanks you! Leach Inc, experienced the following events for the first two years of its operations: 2018 1. Issued $10,000 of common stock for cash 2. Provided $90,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $63,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending...
The following accounts and balances were drawn from the records of Barker Company at December 31, 2018: $ Supplies Cash flow from investing act. Prepaid insurance Service revenue Other operating expenses Supplies expense Insurance expense Beginning common stock Cash flow from operating act. Common stock issued 720 Beginning retained earnings (7,700) Cash flow from financing act. 2,700 Rent expense 77,000 Dividends 41,000 Cash 240 Accounts receivable Prepaid rent 900 Unearned revenue 7,200 5,700 Accounts payable $ 20,000 (5,300) 2,600 4,900...