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Required information [The fovowing information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $15,500 of common stock for cash. 2. Recognized $64,500 of service revenue earned on account. 3. Collected $57,600 from accounts receivable. 4. Paid operating expenses of $36,000. 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 $72,000 of service revenue on account. 2. Collected $65,600 from accounts receivable. 3. Determined that $890 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $48,400 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2 . Jova estimates uncollectible accounts expense will be 1.0 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-1. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Complete thls questlon by entering your answers In the tabs below. Prepare the Income statement for Year 1. 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 $15,500 of common stock for cash. 2. Recognized $64,500 of service revenue eamed on account. 3. Collected $57,600 from accounts receivable. 4. Paid operating expenses of $36,000. 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 $72,000 of service revenue on account. 2. Collected $65,600 from accounts receivable. 3. Determined that $890 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $48,400 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2 . Jova estimates uncollectible accounts expense will be 1.0 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-1. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 1. [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 $15,500 of common stock for cash. 2. Recognized $64,500 of service revenue eamed on account. 3. Collected $57,600 from accounts receivable. 4. Paid operating expenses of $36,000. 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 $72,000 of service revenue on account. 2. Collected $65,600 from accounts receivable. 3. Determined that $890 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $48,400 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2 . Jova estimates uncollectible accounts expense will be 1.0 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-1. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Complete thls questlon by entering your answers In the tabs below. Prepare the balance sheet for Year 1. Required information [The fovowing information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $15,500 of common stock for cash. 2. Recognized $64,500 of service revenue earned on account. 3. Collected $57,600 from accounts receivable. 4. Paid operating expenses of $36,000. 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 $72,000 of service revenue on account. 2. Collected $65,600 from accounts receivable. 3. Determined that $890 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $48,400 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2 . Jova estimates uncollectible accounts expense will be 1.0 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-1. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus slon.)
