Question

[The following informationapplies to the questions displayed below.]

The following trial balancepertains to Benji’s Grocery as of January 1, 2016:

Account Title	Debit			Credit
Cash	$	64,000
Accountsreceivable		12,000
Merchandiseinventory		90,000
Accountspayable				$	7,500
Common stock					89,000
Retainedearnings					69,500
Total	$	166,000		$	166,000

The following events occurred in2016. Assume that Benji’s uses the periodic inventory method.

1.	Purchased land for $30,000cash.
2.	Purchased merchandise on accountfor $230,000, terms 1/10 n/45.
3.	Paid freight of $2,100 cash onmerchandise purchased FOB shipping point.
4.	Returned $8,600 of defectivemerchandise purchased in Event 2.
5.	Sold merchandise for $186,000cash.
6.	Sold merchandise on account for$236,000, terms 2/10 n/30.
7.	Paid cash within the discountperiod on accounts payable due on merchandise purchased in Event2.
8.	Paid $28,500 cash for sellingexpenses.
9.	Collected $156,000 of theaccounts receivable from Event 6 within the discount period.
10.	Collected $56,000 of theaccounts receivable but not within the discount period.
11.	Paid $17,100 of other operatingexpenses.
12.	A physical count indicated that $48,300 of inventory was on handat the end of the accounting period. Record these transactions in a general journal. (If noentry is required for a transaction/event, select "No journal entryrequired" in the first account field.) Prepare a schedule of costs of goods sold. (Amounts tobe deducted should be indicated with minus sign.) Prepare a income statement. Prepare a statement of changes in stockholders’ equity. Prepare a statement of changes in stockholders’ equity. Prepare a statement of cash flows for 2016. (Amounts tobe deducted should be indicated with minus sign.)