PLEASE NEED HELP WITH ALL TABLE VALUES Required information Exercise 7 7A (Static) Effect of recognizing uncollectible accounts on the financial statements Percent of receivables allowance method LO 7 2 Skip to question 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 Issued $10,000 of common stock for cash Provided $78,000 of services on account Provided $36,000 of services and received cash Collected $69,000 cash from accounts receivable Paid $38,000 of salaries expense for the year 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 Wrote off an uncollectible account for $650 Provided $88,000 of services on account Provided $32,000 of services and collected cash Collected $81,000 cash from accounts receivable Paid $65,000 of salaries expense for the year 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 Exercise 7 7A (Static) Part d 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

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Posted on Aug 08, 2024

PLEASE NEED HELP WITH ALL TABLE VALUES

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[The following information applies to the questions displayed below.]

Leach Incorporated experienced the following events for the first two years of its operations:

Issued $10,000 of common stock for cash.
Provided $78,000 of services on account.
Provided $36,000 of services and received cash.
Collected $69,000 cash from accounts receivable.
Paid $38,000 of salaries expense for the year.
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.

Wrote off an uncollectible account for $650.
Provided $88,000 of services on account.
Provided $32,000 of services and collected cash.
Collected $81,000 cash from accounts receivable.
Paid $65,000 of salaries expense for the year.
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.