Answer Happy

2 0 2 Sage Inc experienced the following transactions for Year 1, its first year of operations 1, Issued common stock for $110,000 cash 2. Purchased $205.000 of merchandise on account 3. Sold merchandise that cost $148,000 for $294.000 on account 4. Collected $260.000 cash from accounts receivable 5. Paid $185.000 on accounts payable 6 Paid $50,000 of salaries expense for the year 7 Pald other operating expenses of $66.000 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule kerit Says Due Current H 31-41 M IN THE 4.500 RA 4TH 1.700 Perist Lily t llectible FIN PARK 4. over Required a. Organize the transaction data in accounts under an accounding equation b. Prepare the income Matement, statement of changes in stockholders equity, balance sheet and statement of cash flows for Sage Inc for Year 1 What is the net realizable value of the accounts receivable at December 31, Year 17 Complete this question by entering your answers in the tabe below. BAK 6:20 9.59 Sof Check my work MC Cash Flow Organize the transaction date in accounts under an accounting equation (Extrany deses to account balances with a mut sign if the fact on the Accounts Tes for Retained Earnings, wave the clank SAGE Assunta Eus for the Year
12 8 01:20:27 Mc D. Prepare the income statement, statement of changes in stockholders equity, Dalance sheet, and statement on Casi nows 10 Da 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. Event Req A Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If Accounts Titles for Retained Earnings, leave the cell blank.) 1. 2. 3a. 3b. 4. 5. 6. 7. 8. Bal Req B Inc. Stmt Cash Assets • Req B Stmt of Req B Bal Changes Sheet 0+ NRV Accounts Receivable 0 Merchandise Inventory Req B Stmt: Cash Flows SAGE INC. Accounting Equation for the Year 1 Liabilities + Accounts Payable 0 0+ Reg C Common Stock Rag A Equity Retained Earnings Accounts Tities for Retained Earnings Req B Inc Stmt >
20:10 D. Prepare the income statement statement or changes in Stockfolders equity, Dalance sheet, and statement on Casinows 101 = 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 Stmt of Req B Bal Changes Sheet Prepare the income statement for Sage Inc. for Year 1. SAGE INC. Income Statement For the Year Ended Year 11 Req B Inc Stmt Req A Operating expenses Total operating expenses < Req A Req B Stmt Cash Flows Req C Req B Stmt of Changes >
2 01:19:57 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 Sag 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 Stmt of Req B Bal Changes Sheet Req C Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. Req A Req B Inc Stmt SAGE INC. Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity $ $ 0 0 0 Req B Stmt Cash Flows < Req B Inc Stmt Req B Bal Sheet >
2 8 01:19:36 Complete this question by entering your answers in the tabs below. Req B Stmt of Reg B Bal Changes Sheet Req B Stmt Cash Flows Prepare the balance sheet 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 Req A Assets Total assets Liabilities Req B Inc Stmt Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ < Req B Stmt of Changes 0 0 0 0 Reg C Req B Stmt Cash Flows >
1:19:13 Complete this question by Req A Assets Req B Inc. Stmt Total assets Liabilities Req B Bal Sheet Req B Stmt Cash Flows Reg C Prepare the balance sheet for Sage Inc. for Year 1. (Be sure to list the assets in the order of their liquidity.) ing your ans Req B Stmt of Changes Total liabilities Stockholders' equity SAGE INC. Balance Sheet As of the End of the Year 1 Total stockholders' equity Total liabilities and stockholders' equity $ Laus Deo. < Req B Stmt of Changes 0 0 0 0 0 Req B Stmt Cash Flows >
1:18:56 Complete this question by entering your answers in the tabs below. Req B Inc. Stmt Req B Stmt of Changes Req B Stmt Cash Flows Prepare the statement of cash flows for Sage Inc. for Year 1. (Cash outflows should be indicated wit SAGE INC. Statement of Cash Flows For the Year Ended Year 1 Req A Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance Req B Bal Sheet $ 0 0 0 Req C
2 01:18:37 7. Paid other operating expenses of $66,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $20,400 8,500 1,700 1,700 1,700 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 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? Req A Complete this question by entering your answers in the tabs below. Req 8 Inc Stmt Req 8 Stmt of Req B Bal Changes Sheet Req B Stmt Cash Flows What is the net realizable value of the accounts receivable at December 31, Year 17 Not realizable value < Req B Stmt Cash Flows Reg C