a. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells require input.)

(Red X's mean it was wrong)

b. Prepare the income statement, statement of changes in stockholder's equity, balance sheet, and statement of cash flows for Year 1.

Req B Inc Stmt

Req B Stmt SE

Req B Bal Sheet

Req B Stmt Cash Flows

c. What is the net realizable value of the accounts receivable at December 31, Year 1?

d-1. Organize the transaction data in accounts under an accounting equation for Year 2.

d-2. Prepare an income statement for Year 2.

d-3. Prepare the statement of changes in stockholder's 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?

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 $70,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $39,000 cash from accounts recevable. 5. Pald $16,000 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. Year 2: 1. Wrote off an uncollectible account for $2,620 2. Provided $90,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $72,000 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 5 percent of the ending accounts receivable balance will be uncollectible Donut Required a. Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a minus sign. Not all cells require input.) Answer is complete but not entirely correct. Assets LEACH INC. Accounting Equation for Year 1 Equity Llabilities Common Stock 10,000+ Event NRV Accounts Receivable Cash Account Titles for Retained Earnings Rotained Earnings 1. 10,000+ + 70,000 + 2 3 70,000 Service revenue 35,000 Service revenue 4 35,000 35,000 (14,000) (35,000) = - 5 6 Bal + slo + (14,000) falarios expense (2.100) Uncollectible accounts exponse 88.900 (2.100) - 32,900 66,000 O + 10,000 + Complete this question by entering your answers in the tabs be Req B Inc Stmt Req B Stmt SE Req B Bal Sheet Reg B Stmt Cash Flows Prepare an income statement for Year 1. LEACH INC. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 Rog B Inc Start Req B Stm b. Prepare the income statement, statement of changes in stockhol Complete this question by entering your answers in the tabs! Req B Inc Stmt Req B Stmt SE Req B Bal Sheet Req B Stmt Cash Flows Prepare the statement of changes in stockholders' equity for Year 1. LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock $ 0 Beginning retained earnings Ending retained earnings Total stockholders' equity 0 0 d-1. Organize the transaction data in accounts under an accounting equation for Year 2. 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. Reg D1 Reg D2 Req D3 Reg D4 Reg D5 Req D6 Prepare an income statement for Year 2. (Round your intermediate calculations and final answers to the nea LEACH INC. Income Statement For the Year Ended December 31, Year 2 Os Operating expenses Total operating expenses 0 d-1. Organize the transaction data in accounts under an accounting equation for Year 2. 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. Reg D1 Reg D2 Reg D3 Req 04 Reg D5 Req D6 Prepare the statement of changes in stockholders' equity for Year 2. (Round your intermediate calcul to the nearest whole dollar.) LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Ending common stock Beginning retained earnings Ending retained earings Total stockholders' equity 0 $ 0 d-1. Organize the transaction data in accounts under an accounting equation for Year 2. 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 Req D2 Req D3 Req D4 Reg D5 Req D6 Prepare the balance sheet for Year 2. (Round your intermediate calculations and final answers to the neare LEACH INC. W Balance Sheet As of December 31, Year 2 Assets 0 $ 0 Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 $ 0 4 d-1. Organize the transaction data in accounts under an accounting equation for Year 2. 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. k Req Di Reg D2 Req D3 Reg D4 Reg D5 Reg D6 ht Prepare the statement of cash flows for Year 2. (Amounts to be deducted and cash outflows should be indic sign.) int LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities rences $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ 0 d-1. Organize the transaction data in accounts under an accounting equation for Year 2. 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? 25 Complete this question by entering your answers in the tabs below. Reg D1 Req D2 Reg D3 Reg D4 Reg D5 Reg D6 What is the net realizable value of the accounts receivable at December 31, Year 2? (Round your intermedia and final answer to the nearest whole dollar.) Net realizable value