ok t nces The following list of accounts was drawn for Tile, Etc., Incorporated on December 31, Year 1, after the closing entries were posted: Account Title Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Tile, Etc. had the following transactions in Year 2: 1. Purchased merchandise on account for $580,000. 2. Sold merchandise that cost $420,000 for $890,000 on account. $110,000 125,000 18,000 425,000 95,000 450,000 97,000 3. Sold for $245,000 cash merchandise that had cost $160,000. 4. Sold merchandise for $190,000 to credit card customers. The merchandise had cost $96,000. The credit card company charges a 4 percent fee. 5. Collected $620,000 cash from accounts receivable. 6. Paid $610,000 cash on accounts payable. 7. Paid $145,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4).

8. Collected cash for the full amount due from the credit card company (see item 4), 9. Loaned $60,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity, 10. Wrote off $7,500 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see ttem 9), Required a. Organize the transaction data in accounts under an accounting equation, b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement for Year 2. Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accoulying equation. Note: Do not round your intermediate calculation and round your final answer to the nearest whole dollar, Enter any decrea Retained Earnings, leave the cell blank. Not all cells will require entry. 8. Collected cash for the full amount due from the credit card company (see item 4), 9. Loaned $60,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity, 10. Wrote off $7,500 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see ttem 9), Required a. Organize the transaction data in accounts under an accounting equation, b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement for Year 2. Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accoulying equation. Note: Do not round your intermediate calculation and round your final answer to the nearest whole dollar, Enter any decrea Retained Earnings, leave the cell blank. Not all cells will require entry