Required information [The following information applies to the questions displayed below.) Sage Inc. experienced the following transactions for 2018, its first year of operations: 1. Issued common stock for $100,000 cash. 2. Purchased $180,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account. 4. Collected $272,000 cash from accounts receivable. 5. Paid $160,000 on accounts payable. 6. Paid $50,000 of salaries expense for the year. 7. Paid other operating expenses of $66,000. 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 $20,400 8,500 1,700 1,700 1,700 Percent Likely to Be Allowance Uncollectible Balance 0.01 0.05 0.10 0.20 0.50 Part 1 of 3 Required a. Organize the transaction data in accounts under an accounting equation (Enter any decreases to account balances with a min sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.) 9.09 points eBook SAGE INC. Accounting Equation for the Year 2018 Assets = Liabilities Equity Accounts Merchandise Accounts Common Allowance Receivable Retained Inventory Payable Stock Earnings Event Cash Accounts Titles for Retained Earnings Print 1. 2. 3a. 3b. References 5 6 7 8. Bal + 0 + 0+ 0 = 0 + 0 0 Complete this question by entering your answers in the tabs below. 2013 Req B Inc Req B Stmt SE Req B Bal Req B Stmt Stmt Sheet Cash Flows Prepare the income statement for Sage Inc. for 2018. ts SAGE INC Income Statement For the Year Ended 2018 eBook Print Operating expenses References Total operating expenses 0 Relnem Reqs Smt SE > 7 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for 2018 Part 2 of 3 Complete this question by entering your answers in the tabs below. 9.09 points Reg B Inc Stmt Reg B Stmt sel Reg B Bal Sheet Req B Stmt Cash Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for 2018. Book SAGE INC Statement of Changes in Stockholders' Equity For the Year Ended 2018 Beginning common stock $ Ending common stock Beginning retained earnings 0 Ending retained Gamings Total stockholders' equity a 7. 0 Required information Reg B Inc Stmt Reg B Stmt SE Reg B Bal Sheet Req B Stmt Cash Flows Part 2 of 3 Prepare the balance sheet for Sage Inc. for 2018. (Be sure to list the assets in the order of their liquidity.) 9.09 points SAGE INC Balance Sheet As of the End of the Year 2018 Assets Book Print $ 0 Total assets Liabilities References 0 Total liabilities Stockholders' equity Total stockholders' equity Totallaties and stockholders' equity 0 0 $ 7 Required information Reg B Inc Stmt Req B Stmt SE Reg B Bal Sheet Reg B.Stmt Cash Flows Part 2013 Prepare the statement of cash flows for Sage Inc. for 2018. (Amounts to be deducted should be indicated with a minus sign.) 9.09 points SAGE INC. Statement of Cash Flows For the Year Ended 2018 Cash flows from operating activities: BOOK Print $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities References 0 Net cash flows from financing activities Net change in cash 0 Ending cash balance S 0 Regal Sheet
