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Posted: Sun Jul 03, 2022 1:13 pm
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Required Information [The following Information applies to the questions displayed below] 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 $80,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $51.000 cash from accounts receivable. 5. Paid $18,000 of salarles expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible Year 2: 1 Wrote off an uncollectible account for $700. 2. Provided $100,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $82,000 cash from accounts receivable. 5. Pald $20,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 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?
Complete this question by entering your answers in the tabs below. Req Di Event Bal 1 2. 3. 4 Reg D2 5. 6 Bal Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) Casti 72,000 82,000 (20,000) Assets 154.000 100 + + 20,000. . * + Req D3 . NRV Accounts Receivable Reg D4 29,000 - (700) - 100,000 46,300 . (82.000)- . M Reg D5 Liabilities LEACH INC. Accounting Equation for the Year 2 1,740. (700) + . + Reg D6 + 2,778- 3,818 Common Stock Equity 10,000 . 10,000 + + + . + ▸ . Retained Earnings 89,260 100,000 20,000 (20,000) (2.778) 106,402 Accounting Titles for Retained Earnings Service revenue Service revenue Salaries expense Uncollectible accounts expense 00
Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 Service revenue Operating expenses Salaries expense Uncollectible accounts expense LEACH INC. Income Statement For the Year Ended December 31, Year 2 Total operating expenses Net income Req D4 Prepare an income statement for Year 2. (Round your intermediate calculations and fir $ 20,000 $120,000 20,000 Req D5 < Req D1 Reg D6 Req D3 >
to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Plus: Common stock issued Ending common stock Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 69 $ 60 0 0 0
Assets LEACH INC. Balance Sheet As of December 31, Year 2 Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 69 (A $ 0 0 0 0
dolla LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance < 60 $ $ 69 Reg D4 0 0 0
Req D1 Req D2 Req D3 Net realizable value Reg D4 Req D5 What is the net realizable value of the accounts receivable at December 31, Year 2 final answer to the nearest whole dollar.) < Req D5 Req D6
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Complete this question by entering your answers in the tabs below. Req Di Event Bal 1 2. 3. 4 Reg D2 5. 6 Bal Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) Casti 72,000 82,000 (20,000) Assets 154.000 100 + + 20,000. . * + Req D3 . NRV Accounts Receivable Reg D4 29,000 - (700) - 100,000 46,300 . (82.000)- . M Reg D5 Liabilities LEACH INC. Accounting Equation for the Year 2 1,740. (700) + . + Reg D6 + 2,778- 3,818 Common Stock Equity 10,000 . 10,000 + + + . + ▸ . Retained Earnings 89,260 100,000 20,000 (20,000) (2.778) 106,402 Accounting Titles for Retained Earnings Service revenue Service revenue Salaries expense Uncollectible accounts expense 00
Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 Service revenue Operating expenses Salaries expense Uncollectible accounts expense LEACH INC. Income Statement For the Year Ended December 31, Year 2 Total operating expenses Net income Req D4 Prepare an income statement for Year 2. (Round your intermediate calculations and fir $ 20,000 $120,000 20,000 Req D5 < Req D1 Reg D6 Req D3 >
to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Plus: Common stock issued Ending common stock Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 69 $ 60 0 0 0
Assets LEACH INC. Balance Sheet As of December 31, Year 2 Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 69 (A $ 0 0 0 0
dolla LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance < 60 $ $ 69 Reg D4 0 0 0
Req D1 Req D2 Req D3 Net realizable value Reg D4 Req D5 What is the net realizable value of the accounts receivable at December 31, Year 2 final answer to the nearest whole dollar.) < Req D5 Req D6