Required information 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 December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,060 17,245 2,295 24,980 10,130 21,000 13,860 Transactions for Year 3 1. Acquired an additional $9,100 cash from the issue of common stock. 2. Purchased $60,100 of inventory on account. 3. Sold inventory that cost $62,300 for $96,600. Sales were made on account. 4. The company wrote off $1,450 of uncollectible accounts. 5. On September 1, LGS loaned $10,500 to Eden Company. The note had an 8 percent interest rate and a one-year term. 6. Paid $15,740 cash for operating expenses. 7. The company collected $84,960 cash from accounts receivable. 8. A cash payment of $50,610 was paid on accounts payable. 9. The company paid a $4,400 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 3 (see item 5). Exercise 7-15A (Algo) Part b b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3. Complete this question by entering your answers in the tabs below. Req B Income Statement Req B Statement Stockholders Req B Req B Balance Statement of Cash Flows Sheet Prepare an income statement for Year 3. Note: Enter all final answers in whole dollars. LITTLE GROCERY SUPPLIER (LGS) S < Prev 32 of 9 Next >

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bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080

Allowance for Uncollectible Accounts-Aging Method Sales-R-Us beginning general ledger shows an allowance for doubtful accounts balance of $10,000 credit balance. The year-end trial balance before adjustments, reports gross accounts receivable of $100,000 and allowance for doubtful accounts of $5,000 credit. Be sure to use the proper format for all JEs (Journal Entries). 1. 2. Using the aging method, the company estimates that it will be unable to collect 11% of the total accounts receivable at year end. Write the journal entry for updating their ADA account at year end. After making the required journal entry for bad debts at year end, what is the ending balance in allowance for uncollectible accounts? Allowance For Doubtful Accounts 3- On December 31, how much (in total) is owed to Sales-R-Us by customers? What do they expect to receive (the "net realizable value") from customers? 4. Obviously, during the year, some of the ADA was written off, please show the correct JE that had been…