Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below] Leach Incorporated experienced the following events for the first two years of its

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Required information [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: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $35,000 of services and received cash. 4. Collected $35,000 cash from accounts receivable. 5. Paid $12,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2.690. 2. Provided $90,000 of services on account. 3. Provided $15,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $30,000 of salaries expense for the year 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. 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? Complete this question by entering your answers in the tabs below. Req D1 Req D2 Req D3 Req D4 Req D5 Req D6 Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Round your intermediate calculations and final answer to the nearest whole dollar. LEACH INCORPORATED Accounting Equation for Year 2 Assets Equity Event Cash NRV Accounts Receivable Liabilities Common stock Retained Earnings Account Titles for Retained Earnings Balance ces Required information Req D1 Req D2 Req D3 Req D4 Req D5 Req D6 Organize the transaction data in accounts under an accounting equation for Year 2. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Round your intermediate calculations nearest whole dollar. LEACH INCORPORATED Accounting Equation for Year 2 Assets Equity Event Cash NRV Accounts Receivable Liabilities Common stock Retained Earnings Account Titles for Retained Earnings Balance 9. 2 3. 4 5. 6. Balance < Prev Next > Required information Req D1 Req D Req D3 Req D4 Req DS Req D6 Prepare an income statement for Year 2. Note: Round your intermediate calculations and final answers to the nearest whole dollar. LEACH INCORPORATED Income Statement For the Year Ended December 31, Year 2 Operating expenses Total operating expenses 4 Required information Req DI Req D2 Req D3 Req D4 Req D5 Part 4 of 4 Req D6 3.33 points Prepare the statement of changes in stockholders' equity for Year 2. Note: Round your Intermediate calculations and final answers to the nearest whole dollar. LEACH INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 eBook Beginning common stock Him Ending common stock Prim Beginning retained earnings Deferences Ending retained eamings Total stockholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

what is a project and how is it different from a business process?

Answered: 1 week ago