1. Recognized $71,500 of service revenue on account 2. Collected $65,200 from accounts receivable. 3. Determined that $880 of the accounts receivable were uncollectible and wrote them off 4. Collected $100 of an account that had previously been written of 5. Paid $48,300 cash for operating expenses 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 10 percent of sales on account Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2. -2. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year Complete this question by entering your answers in the table. Stint Req 02 Stmt of Change Req D2 Bal 02 of Cash Fas Prepare the balance sheet for Year 2. JOVA COMPANY Assels Cash Bela Sheet As of December 21, Year 2 Accounts cerve Lass Alowance for doubtful aunts Tatal assets Liables Stockholders' equity Common stock Total stockholders' equity Reg 02 Sent of Changes Reg 02 Stmt of Cash Flows > Tutal labies and seruty AM e The following transactions apply to Jova for Year 2 1. Recognized $71,500 of service revenue on account 2. Collected $65,200 from accounts receivable. 3. Determined that $880 of the accounts receivable were uncollectible and wrote them off 4. Collected $100 of an account that had previously been written oft 5 Paid $48,300 cash for operating expenses 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 10 percent of sales on account Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2 d-2. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2 Complete this question by entering your answers in the tabe below. of Changes 02 m Sheet of Cash Flows Prepare the statement of cash flows for Year 2. (Cash outwe should be indicated with a minus sign) Cash Flowy For the Year Ended Year 2 Cash Sows operating advies Outfew for exp Net cash few from operating acive Cash Rows mating Cash fws from financing av Nel shange in cash Beging cash balance Ending cash balance Reg 02 Bal Sheet Prex e Next > R R Required Information [The following Information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $16,000 of common stock for cash. 2. Recognized $64,000 of service revenue earned on account 3. Collected $57,200 from accounts receivable. 4. Pald operating expenses of $36,200. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2 1. Recognized $71,500 of service revenue on account. 2. Collected $65,200 from accounts receivable. 3. Determined that $880 of the accounts receivable were uncollectible and wrote them off 4. Collected $100 of an account that had previously been written off 5. Paid $48,300 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2 Jova estimates uncollectible accounts expense will be 10 percent of sales on account. Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2 d-2. Prepare the Income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flo 2 Required Information [The following information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $16,000 of common stock for cash 2. Recognized $64,000 of service revenue earned on account. 3. Collected $57,200 from accounts receivable. 4. Pald operating expenses of $36,200. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $71,500 of service revenue on account. 2. Collected $65,200 from accounts receivable. 3. Determined that $880 of the accounts receivable were uncollectible and wrote them off 4. Collected $100 of an account that had previously been written off 5. Paid $48,300 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 10 percent of sales on account. Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2 d-2. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2 Req D2 Inc Stmt Req D2 Stmt of Changes Req 02 Bal Sheet Req D2 Stmt of Cash Flows Prepare the income statement for Year 2. JOVA COMPANY Income Statement For the Year Ended Year 2 Service revenue Expenses Operating expenses Uncollectible accounts expense Total expenses Net income 48.300 715 71,500 40,015 $22.485 Req D2 Strt of Changes > requirements for Year 2 Complete all requirements for Year 1 prior to beginning the d-2. Prepare the Income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2 Complete this question by entering your answers in the tabs below. Req D2 Inc Stmt Req D2 Stmt of Changes Req D2 Bal Sheet Req D2 Stmt of Cash Flows Prepare the statement of changes in stockholders' equity for Year 2. JOVA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended Year 2 Beginning common stock Plus: Stock issued Ending common stock S 16,000 $ 10,000 Beginning retained earnings Plus: Net income Ending retained earnings Total stockholders' equity 22,485 22,485 $ 38.485 < Prev Gin Req D2 Inc Stmt Req D2 Stmt of Changes Req D2 Bal Sheet Req D2 Stmt of Cash Flows Prepare the balance sheet for Year 2. JOVA COMPANY Balance Sheet As of December 31, Year 2 Assets Cash Accounts receivable Less: Allowance for doubtful accounts Total assets Liabilities Stockholders equity Common stock Retained earnings Total stockholders equity Total liabilities and stockholders' equity D 0 0 0 ferenc d-2. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and state 2 Complete this question by entering your answers in the tabs below. Req D2 Inc Stmt Req D2 Stmt of Changes Req D2 Bal Sheet Req D2 Stmt of Cash Flows Prepare the statement of cash flows for Year 2, (Cash outflows should be indicated with a minus sign.) JOVA COMPANY Statement of Cash Flows For the Year Ended Year 2 Cash flows from operating activities: Inflow from customers Outflow for expenses Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance