2 Part 2 of 4 10 points eBook References [The following information applies to the questions displayed below.] Leach Incorporated experienced the following events for the first two years of its operations. Year 1: 1. Issued $16,000 of common stock for cash. 2. Provided $84,600 of services on account. 3. Provided $42,000 of services and received cash. 4. Collected $75,000 cash from accounts receivable. 5. Paid $44,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. Year 2: 1. Wrote off an uncollectible account for $950. 2. Provided $94,000 of services on account. 3. Provided $38,000 of services and collected cash. 4. Collected $87,000 cash from accounts receivable. 5. Paid $71,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account. 8. Closed the expense accounts. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Check

The following information apples to the questions disployed below] Leoch incorporated experienced the folowing events for the first two years of uts operabons. Year 1 1. Isued $76,000 of common stock for cash 2. Provided $84,600 of services on scrount 3. Provided $42,000 of senices and received cash. 4. Coliected 575,000 cash from sccounts recelvoble. 5. Paid 544,000 of salaries esponse for the year. 6. Adjusted the accounting records to refect uncollectble accounts expense for the year Leach estimates that 5 percent of the ending accounts recevable bslance will be uncollectible 7. Closed the revenue account 8. Closed the expense accounts Year 2 1. Wrote off an uncollectible account for 5950 2. Provided $94,000 of sorvices on account. 3. Provided 538,000 of services and collected cash. 4. Collected $87,000 cash from accounts recelvable. 5. Paid $71,000 of salaries expense for the yeac. 6. Actiusted the accounts to refrect uncollectible accounts expense for the year Leach extimates that 5 percent of the ending accounts receivable balance will be uncollectible. 7. Closed the revenue account 8. Closed the experse accounts