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Required Information [The following information applies to the questions displayed below.] Leach Inc. experienced the fo

Posted: Sun Jul 03, 2022 3:59 pm
by answerhappygod
Required Information The Following Information Applies To The Questions Displayed Below Leach Inc Experienced The Fo 1
Required Information The Following Information Applies To The Questions Displayed Below Leach Inc Experienced The Fo 1 (46.99 KiB) Viewed 11 times
Required Information The Following Information Applies To The Questions Displayed Below Leach Inc Experienced The Fo 2
Required Information The Following Information Applies To The Questions Displayed Below Leach Inc Experienced The Fo 2 (38.76 KiB) Viewed 11 times
How to solve for the red crosses? what formula? thank you
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 $110,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $83,000 cash from accounts receivable. 5. Paid $18,000 of salaries 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 $660. 2. Provided $130,000 of services on account. 3. Provided $30,000 of services and collected cash. 4. Collected $112,000 cash from accounts receivable. 5. Paid $28,000 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 D1 Event Bal. 1. 2. 3. 4. 5. 6. Bal. Req D2 Cash 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.) Assets + 102,000 + + + 30,000✓ + 112,000✔ + (28,000)✓ + + Req D3 216,000 + NRV Accounts Receivable x = = 130,000✔ = 18,000 (112,000)✓ = = = Req D4 = Req D5 Liabilities LEACH INC. Accounting Equation for the Year 2 0 + + + + + | + + Req D6 + + Common Stock Equity 10,000✔✓ + 10,000 + + + + + + Retained Earnings x Accounting Titles for Retained Earnings 130,000✔ Service revenue 30,000✔ Salaries expense 132,000 (28,000)✓✔ Salaries expense Uncollectible accounts expense ✓ X 33