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art 2 of 2 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: Ints $ $ Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings 9,800 41,800 2,500 78,000 21,800 50,000 54,500 Transactions for 2018 1. Acquired an additional $20.000 cash from the issue of common stock. 2. Purchased $85,000 of inventory on account. 3. Sold inventory that cost $91,000 for $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $19.000 cash for operating expenses. 7. The company collected $161,000 cash from accounts receivable. 8. A cash payment of $92,000 was paid on accounts payable. 9. The company paid a $5,000 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, 2018 (see item 5). uit balance sheet and a statement of cash flows fc Required information Prepare a balance sheet for 2018. (Be sure to list the assets in the order dollars.) LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, 2018 Assets Cash Accounts receivable $ 39,100 Less: Allowance for doubtful accounts 3,200 $ 56,000 35.900 Merchandise inventory Notes receivable 72,000 18,480 X $182,380 Total assets Liabilities 14,000 14.000 Accounts payable Total liabilities Stockholders' equity Common stock Retained earnings $ 70,000 98,380 Total stockholders' equity Total liabilities and stockholders' equity 168,380 $182,380

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