Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of comm

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Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 1 (52.34 KiB) Viewed 11 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 2 (32.57 KiB) Viewed 11 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 3 (27.38 KiB) Viewed 11 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 4 (61.46 KiB) Viewed 11 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 5 (33.75 KiB) Viewed 11 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 6 (15.89 KiB) Viewed 11 times

Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $41,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accoints expense for the year. Leach estimates that 9 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $690. 2. Provided $90,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $30,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending accounts receivable balance will be uncollectible. d-1. Organize the transaction data in accounts under an accounting equation. d-2. Prepare an income statement for Year 2. d-3. Prepare the statement of changes in stockholders' equity for Year 2. d-4. Prepare the balance sheet for Year 2.. d-5. Prepare the statement of cash flows for Year 2. d-6. What is the net realizable value of the accounts receivable at December 31, Year 2?

Req D1 Event Bal. 1. 2. Req D3 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) 3. 4. 5 6. Bal Reg D2 Cash Assets + 0 + NRV Accounts Receivable Reg D4 0 Liabilities. LEACH INC. Accounting Equation for the Year 2 Equity 0 + Common Stock + +++ + Reg DS + + + Reg D6 0+ <DI Retained Earnings 0 Accounting Titles for Retained Earnings Reg D2 >

ces Req Di eq D2 Operating expenses Req D3 Req D4 LEACH INC. Income Statement. For the Year Ended December 31, Year 2 Total operating expenses Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar.) < Req D1 Req DS 0 Req D6 Req D3 >

Req D1 Req D2 Assets Req D3 Total assets Liabilities Stockholders' equity Req D5 Prepare the balance sheet for Year 2. (Round your intermediate concretions and final ans LEACH INC. Balance Sheet As of December 31, Year 2 Req D4 Total stockholders' equity Total liabilities and stockholders' equity < Req D3 $ Reg D5 $ 0 0 Req D6 0 Req D5 >

S Req D1 Reg D2 Req D3 Cash flows from operating activities Reg D6 Prepare the statement of cash flows for Year 2. (Round your intermediate calculations and final answers to the nearest whole dollar. Cash outflows should be indicated with a minus sign.) Rag D6 LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Req D4 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ $ Req DS < Req D4 0 0 0 Req D6 >

es Req D1 Req D2 Net realizable value Req D3 Req D4 Req DS What is the net realizable value of the accounts receivable at December 31, Year 2? (Round your intermediate calculations and final answer to the nearest whole dollar.) < Req D5 Req D6 Raq 06 >