question 10 part 2
Required information (The following information applies to the questions displayed below.) Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $100,000 cash. 2. Purchased $205,000 of merchandise on account. 3. Sold merchandise that cost $166,000 for $330,000 on account. 4. Collected $298,000 cash from accounts receivable. 5. Paid $185,000 on accounts payable. 6. Paid $60,000 of salaries expense for the year. 7. Paid other operating expenses of $76,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $19, 200 8,000 1,600 1,600 1,600 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. Required B Inc Required B Required B Bal Required B Stmt Strnt Cash Strnt Stkholder Eg Sheet Flows Prepare an income statement for Sage Inc. for Year 1. SAGE INC Income Statement For the Year Ended Year 1 Sales revenue Cost of goods sold Operating expenses Salaries expense Other operating expenses 0 Total operating expenses het income Red Bin Sant Required B Stmt Stkholder Eq> b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1 Complete this question by entering your answers in the tabs below. Required B Required B Required B Inc Required B Bal Stmt Stmt Cash Strut Sheet Stkholder Eq Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. SAGE INC Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock $ 0 Ending common stock Beginning retained eamings 0 Ending retained earings Total stockholders' equity 0 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Inc. for Year 1. Complete this question by entering your answers in the tabs below. Required B Inc Required B Required B Stmt Required B Bal Stmnt Stint Cash Sheet Stkholder Eq Flows Prepare the balance sheet for Sage Inc. for Year 1. (Be sure to list the assets in the order of their liquidity.) SAGE INC Balance Sheet As of the End of the Year 1 Assets $ 0 Total assets Liabilities 0 Total abilities Stockholders'equity Drenare the name statement etetement At Ronde in etholdere orth holanre cheat and etatement troch Hose . Required information 1 1 Complete this question by entering your answers in the tabs below. Required B Inc Required B Required B Required B Bal Stunt Strnt Stmt Cash Sheet Stkholder Eq Flows Prepare the statement of cash flows for Sage Inc. for Year 1. (Amounts to be deducted should be indicated with a minus sign.) SAGE INC Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities. $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 Ending cash balance $ 0
