Answer Happy

1. Issued common stock for $100,000 cash, 2. Purchased $185,000 of merchandise on account. 3. Sold merchandise that cost $158,000 for $314,000 on account. 4. Collected $280,000 cash from accounts receivable. 5. Paid $165,000 on accounts payable. 6. Paid $58,000 of salaries expense for the year. 7. Paid other operating expenses of $74,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Humber of Days Past Due Current 0-30 31-60 61-99 Over 90 days Amount $20,400 8,500 1,700 1,700 1,700 Percent Likely to be Uncollectible 0.01 0.05 0.10 0.20 0.50 Allowance Balance Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?

www a. Organize the transaction data in accounts under an accounting equation, b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Req A Event Reg C 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.) -~-~~- 38 36 4 5. 6 7 Req B Inc. Stmt Cash Assets . Req 8 Stmt of Changes + NRV Accounts Receivable Reg B Bal Sheet Req 8 Stmt Cash Flows SAGE INC. Accounting Equation for the Year 1 Liabilities + Merchandise Inventory Accounts Common Payable Stock + . Equity + Retained Earnings Help Accounts Titles for Retained Earnings

Req B Stmit of Changes Reg 8 Bal Sheet Prepare the income statement for Sage Inc. for Year 1. SAGE INC. Income Statement For the Year Ended Year 1 Reg A Req B Inc Stmt Operating expenses Total operating expenses Req B Stmt Cash Flows Reg C

03:25:05 Assets Total assets Liabilities Total liabilities Stockholders' equity heet for Sage Inc. for Year 1. (Be sure to list the assets in the order of their liquidity) SAGE INC. Balance Sheet As of the End of the Year 1 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 0 0 0

a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Strt of Changes Req B Stmt Cash Flows What is the net realizable value of the accounts receivable at December 31, Year 17 Not realizable value Req A Req B Bal Sheet Req C