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The following list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1: Transactions for Year 2 1. Acquired an additional $9,500 cash from the issue of common stock. 2. Purchased $62,000 of inventory on account. 3. Sold inventory that cost $63,900 for $96,500. Sales were made on account. 4. The company wrote off $1,010 of uncollectible accounts. 5. On September 1, LGS loaned $8,000 to Eden Co. The note had an 5 percent interest rate and a one-year term. 6 . Paid $15,260 cash for operating expenses. 7. The company collected $85,950 cash from accounts receivable. 8. A cash payment of $52,780 was paid on accounts payable. 9. The company paid a $4,300 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 2 (see item 5). Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2. Return to question Req A Titles for Retained Earnings, leave the cell blank. Not all cells will require entry. Round your final answers to the nearest whole dollar.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{16}{|c|}{ LITTLE GROCERY SUPPLIER (LGS) } \\ \hline \multirow[b]{3}{*}{ Event } & \multicolumn{16}{|c|}{ Accounting Equation for the Year 2} \\ \hline & \multicolumn{9}{|c|}{ Assets } & \multirow{2}{*}{\begin{tabular}{l} = \\ = \end{tabular}} & \multirow{2}{*}{\begin{tabular}{l} Liabilities \\ Accounts \\ Payable \end{tabular}} & \multirow{2}{*}{\begin{tabular}{l} + \\ + \end{tabular}} & \multicolumn{3}{|c|}{ Stockholders' Equity } & \multirow[b]{2}{*}{\begin{tabular}{r} Accounts Titles for \\ Earnings \end{tabular}} \\ \hline & Cash & + & \begin{tabular}{c} NRV \\ Accounts \\ Receivable \end{tabular} & + & Inventory & + & \begin{tabular}{c} Notes \\ Receivable \end{tabular} & + & \begin{tabular}{c} Interest \\ Receivable \end{tabular} & & & & \begin{tabular}{l} Common \\ Stock \end{tabular} & + & \begin{tabular}{l} Retained \\ Earnings \end{tabular} & \\ \hline Bal. & 6,480 & + & & + & 22,970 & + & & + & & = & 7,215 & + & 20,500 & + & 19,105 & \\ \hline 1. & 9,500 & + & & + & & + & & + & & = & & + & 9,500 & + & & \\ \hline 2. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline \multicolumn{17}{|l|}{ 3a. } \\ \hline \multicolumn{17}{|l|}{3b. } \\ \hline 4. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 5. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 6. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 7. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 8. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 9. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 10. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline 11. & & + & & + & & + & & + & & = & & + & & + & & \\ \hline Bal. & 15,980 & + & 0 & + & 22,970 & + & 0 & + & 0 & = & 7,215 & + & 30,000 & + & 19,105 & \\ \hline \end{tabular} Prepare an income statement for Year 2. (Enter all final answers in whole dollars.) Compiete tnis question by entering your answers in the tabs below. Prepare a statement of changes in stockholders' equity for Year 2. (Enter all final answers in whole dollars. Enter cash outflows with a minus sign.) Compiete this question by entering your answers in the tabs beiow. Prepare a balance sheet for Year 2. (Be sure to list the assets in the order of their liquidity. Enter all final answers in whole dollars.) compiete tnis question by entering your answers in the tabs beiow. Prepare a statement of cash flows for Year 2. (Enter cash outflows with a minus sign. Enter all final answers in whole dollars.)

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